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US: After weak tax season, Intuit rebounds with $1B sale of financial services unit

By  |  July 1, 2013

Intuit, the developer of tax service software TurboTax will sell its financial services unit Intuit Financial Services to private equity firm Thoma Bravo LLC, according to reports. The buyout is valued at more than $1.03 billion and comes after Intuit reported a weak tax filing season, say reports. Intuit stocks spiked up to 5 percent following the announcement. The company first announced plans to restructure last May. After buying financial services company once known as Digital Insight, now known as IFS, for $1.35 billion in 2007, Intuit reported disappointing returns on the buyout as compared with Intuit’s core business.

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