Aaron Patzer pixMOUNTAIN VIEW, Calif. – Intuit has agreed to purchase Mint.com, a Web-based company that was described by Intuit CEO Brad Smith earlier this year as having revitalized the personal finance software market. Smith, who praised Mint highly in an analyst conference call, followed through and Intuit will pay about $170 million in cash to buy the privately held company, which is also based in Mountain View. Mint.com was founded by CEO Aaron Patzer, who will become general manager of Intuit's Personal Finance group.

Smith's earlier remarks had come in response to analyst questions about the impact Mint was having on Intuit's Quicken business. It also comes not along after Microsoft's decision to stop selling Microsoft Money Plus, effective June 30 this year. Microsoft said it will provide updates of Money Plus Deluxe and Money Plus Home & Business that will not require online activation. Microsoft's Web site noted it was discontinuing Money because, "The category of personal financial-management software has changed considerably in the 17 years since Money was first established. As more users shift their attention to full-service offerings provided by banks and brokerages, demand for a comprehensive personal finance toolset has declined."

Intuit's official statement said Mint will be offered to Intuit's financial institution clients for strengthening their online products and that the newly acquired product's capabilities "can be applied broadly to millions of Intuit consumer and small business customers." Intuit did not provide specifics but said Mint's "ways to save" engine generates a revenue stream while keeping the product free to end users. Intuit plans to integrate that capability across its business.

 

Last modified on Sunday, 02 June 2013
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