Intuit acquires Mint Software

Tue. November 03, 2009; Posted: 01:10 PM

Nov 03, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- INTU | Quote | Chart | News | PowerRating -- Intuit, Inc., a provider of business and financial management solutions for small and medium sized businesses, has acquired Mint Software, Inc., a provider of online personal money management solutions, in a cash transaction valued at approximately $170 million.

Announcement (September 14, 2009):

Intuit has signed a definitive agreement to acquire Mint Software. All the parties involved in the transaction are based in the US.

Earlier, Mint Software had secured venture funding from DAG Ventures, LLC, Benchmark Capital, Shasta Ventures, First Round Capital, Sherpalo Ventures, Founders Fund Management, LLC, Hite Capital Management, LLC and Felicis Ventures LLC.

The transaction is expected to close during the fourth quarter of calendar year 2009.

Rumor (September 13, 2009):

According to TechCrunch, Intuit is planning to acquire Mint Software.

Latham & Watkins LLP is acting as legal advisor to Intuit and Credit Suisse Group is acting as financial advisor to Mint.

Deal Value (US$ Million) 170
Deal Type                Acquisition
Sub-Category             Majority Acquisition
Deal Status              Completed: 2009-11-02

Deal Participants

Target (Company)   Mint Software, Inc.
Acquirer (Company) Intuit, Inc.

Deal Rationale

This acquisition would enhance Intuit's position as a provider of consumer SaaS offerings that connect customers across desktop, online and mobile. The acquisition would also offer Intuit's financial institution clients the ability to strengthen their online offerings and deliver more value to their customers.

For full details on Intuit Inc (INTU) click here. Intuit Inc (INTU) has Short Term PowerRatings of 6. Details on Intuit Inc (INTU) Short Term PowerRatings is available at This Link.

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