Intuit purchases personal finance site Mint.com for $170 million
Intuit, the maker of the Quicken financial software, has reached an agreement to purchase the personal finance site, Mint.com.
Launched in 2006, Mint.com quickly became a darling of the Web 2.0 scene for its ease of use and design. Mint won the top award at the TechCrunch 50 (TechCrunch 40 at the time) conference in 2007, a Top Innovation of 2007 by PC World, one of Time Magazine’s 50 Best Websites of 2008 & 2009 among many other accolades. All of this wouldn’t mean anything if it didn’t have happy users, but that has always appeared to be something the company has a plethora of.
This morning it was announced that Intuit, the company behind the well known Quicken brand of financial software, had reached a definitive agreement to purchase Mint for approximately $170 million. The only reason this is somewhat surprising is that as late as August of this year, Mint had accepted an additional $14 million in venture capital, so it isn’t clear when this deal was put on the table.
Mint.com Founder and CEO, Aaron Patzer explained the reasoning behind the deal from his companies perspective, “joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers.” He also went on to say, “this is a compelling combination of our innovative product, technology, and user interface design with one of the most trusted brands in software.”
On the Intuit side of things, the company plans to keep both Quicken Online and Mint as separate entities. Mint will continue to service people with personal finance needs, while Quicken Online will continue to be a cross-platform financial solution. Aaron Patzer will stay with the company and become General Manager of the Personal Finance group reporting to Dan Maurer, SVP of Intuit’s Consumer Group. Mr. Patzer will be responsible for online, desktop and mobile consumer personal finance offerings.
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August 14th, 2010
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