Quicken Sold To Hig

Intuit has sold Quicken to H.I.G. Capital according to Wikipedia has $19 billion of equity capital under management. Just to give you perspective, Quicken in 2015 generated under $51 million in revenue for Intuit. Unfortunately terms of the sale were not disclosed.

Private equity manager H.I.G Capital has agreed to purchase the Quicken business from Intuit Inc., one of three planned divestitures for the personal and small business financial software maker, Quicken said on Friday.
In a blog post, Eric Dunn, Quicken's senior vice president and general manager, said that H.I.G. was found after a six-month search for a suitor. Dunn said that the investor is interested in Quicken because of its demonstrated success, and because the business will benefit from increased investment.
'They decided to invest in the Quicken business because of their deep appreciation of the Quicken product, our loyal customers and Quicken's commitment to helping consumers manage their finances,' Dunn said in the blog post. 'They are confident, as am I, that Quicken will thrive with increased investment, leading to product improvements and advances that will allow Quicken to continue to serve you well for decades to come.'
Financial terms of the deal were not disclosed, but Inuit said in an earnings statement last month that it expected to see about $500 million in total proceeds from the sale of Quicken and two other units, Demandforce and QuickBase. A representative for Intuit, Diane Carlini, confirmed an agreement between the company and H.I.G., and said that Dunn would be taking an ownership stake through the transaction as well. He will continue to lead the unit after the sale, she said.
Dunn said that investments made by Quicken's new ownership will be used to help further develop the company's Mac software offering as well as its mobile services.
'We all know Quicken could use a little TLC — a little tender loving care — to be as great as it deserves be,' Dunn said in a video statement on the blog. 'And working with H.I.G. Capital, we're committed and certain to accomplish that.'
Quicken personal finance software was the first offering from Intuit when the company launched in 1984. In August, Intuit announced that it would look to sell the Demandforce, QuickBase and Quicken businesses, in order to focus on its small business and tax segments through products such as QuickBooks and TurboTax. Internet Brands said in January that it had agreed to buy Demandforce, a marketing software service provider, for an undisclosed sum.
'Divesting Demandforce, QuickBase and Quicken enables both Intuit and these businesses to focus on meeting the needs of their respective customers, while allowing Intuit to accelerate our ability to deliver on our objectives,' Intuit Chief Financial Officer Neil Williams said in a statement at the time.
Intuit generated $4.2 billion in revenue last year with a net income of $365 million, according to its annual report. Quicken was responsible for $51 million in revenue and a $136 million net loss, the report said.
H.I.G. is a global private equity firm that says it has $19 billion of capital under management. It has invested in and managed more than 200 companies since its founding in 1993. H.I.G.'s current portfolio includes more than 100 companies with total sales of more than $30 billion, the firm said.
A representative for H.I.G. did not immediately respond to a request for comment on Friday.
H.I.G. is represented by Kirkland & Ellis LLP, with a team led by Jeffrey Seifman, Luke Guerra, Tana Ryan, Nicole Amerian and Michele Cumpston.
Intuit is represented by Latham & Watkins LLP.

• Fortune has named Quicken Loans to its list of '100 Best Companies To Work For' eight years in a row, ranking the company as high as No. 'Our people enjoy working here because we've created a unique culture that is based on trust and empowerment,' Gilbert said after Quicken won the award in 2007.
• Intuit's founder Scott Cook, created Quicken as their first product and it's what made Intuit what it is today. Though it's no longer a primary revenue generator. According to Intuit's financials, Quicken is a very small part of their business. For a $4 billion+ company, Quicken just made up $51 Million in revenue for their fiscal 2015 year.

Quicken Sold To Hig Capital

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Intuit is selling its Quicken personal finance software to private equity firm H.I.G. Capital, with the current head of Quicken, Eric Dunn, continuing to run the business under the new owners.

The financial terms of the deal were not disclosed. Amjad sabri tajdar e haram.

Intuit said in August last year it was divesting from its Quicken, Demandforce and QuickBase product lines to better focus on small businesses, and doing the 'nations' taxes' in the U.S. Irada movie download 720p. Sonic adventure dx rom. and Canada.

Quicken Online

Demandforce was sold to Internet Brands in El Segundo, California, in January at an undisclosed price. The acquirer said the brand and product offerings will be retained after the acquisition, and Demandforce would continue to operate from its San Francisco headquarters.

Intuit said in February during an earnings call for its second fiscal quarter that it expected the sale of the product lines to be complete in the current fiscal quarter that ends April 30. It said it expected the proceeds from the sale to be about US$500 million.

Besides continuing to improve on the Windows version of Quicken, which is now a mature product, Quicken under H.I.G will continue to invest in improving the Mac version, including by doubling the size of the engineering team this year and having a new product manager starting Monday, said Dunn, who is now a part-owner of the business. That would help the Mac version get 'over the next quarters and years' to the set of features that the Windows version now has, he added.

Quicken will also invest on new capabilities for cloud versions for Android and iOS of its application, Dunn added.

'We've already started the journey with the new Quicken 2016 products that launched in November with new features to help consumers stay on top of their bills,' Dunn wrote in a post. 'In the last six months, we've also increased our investment in U.S.-based phone support. This is just the start of what's to come.'

Quicken under H.I.G reassured users that it did not anticipate any changes to pricing and interruption of day-to-day functionality for customers as a result of the transition. 'This change will not affect your data,' it said in its FAQ. Quicken services such as Bill Pay and Online Backup will also continue to work for customers without changes.

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