Intuit Inc. (NASDAQ:INTU) has announced the sale of its Quicken Unit to private equity group H.I.G. Capital.
Intuit has been looking for a buyer for the unit as part of its plan to redirect its focus to other areas. Eric Dunn, General Manager of Quicken, revealed that H.I.G. Capital has offered to purchase the unit. The buyer has a large portfolio of outposts all over the world.
Dunn made the announcement in one of the Quicken community forums where he revealed that H.I.G. Capital had submitted a purchase offer for the Quicken business. He further added that the buying firm is impressed with Quicken’s dedication towards assisting customers in managing their finances as well as Intuit’s loyal customer base.
Dunn believes that the private equity firm is confident in the business as much as he and also believes that Quicken will perform better if more resources are invested in it. This will lead to advancements that will improve Quicken’s services in the future. More investment will also allow the business to improve its products. The general manager also stated that he is a part owner as well as an investor in the transaction.
Despite the change of ownership for Quicken, it is expected to continue operating on the already planned roadmap for 2016. Neither of the two parties has revealed the financial terms of the deal or details about the timeline for the acquisition.
Intuit announced the launch of its Affordable Care Act Resource Center in January. It was designed to be used by tax professionals in their efforts to help small businesses and individuals to wrap their minds around the financial and tax repercussions of the Affordable Care Act. The ACA resource center is part of the company’s Tax Pro Center, and one of the services offered includes expert analysis from the company’s tax professionals.