It’s not easy in the era of the Internet to keep big news quiet, but Intuit managed it this week.
The financial software firm shocked the entire ecosystem during its quarterly numbers report yesterday (Aug. 20) with the announcement that they intend to sell off Quicken, its original accounting product.
Quicken isn’t going along on its own; QuickBase and Demandforce are also going up on the block.
According to Intuit, they are pursuing the separation so that it can better “focus on and invest in businesses that strengthen the ecosystem and align with two strategic goals: to be the operating system behind small business success and to do the nations’ taxes in the U.S. and Canada,” the company said in a statement.
Intuit introduced Quicken in 1984, and it was Intuit’s core product for a long time. The highly successful program even beat out the Microsoft equivalent during the same time period. The other two programs — QuickBase and Demandforce — are more recent products; the firm snapped up Demandforce about three years ago.
Intuit forecasts taking something of a hit from the sale. Revenue for fiscal 2016 is projected to drop $250 million. Intuit’s shares dropped in after-hours trading — down 2.9 percent.