Private equity firm Thoma Bravo is buying Intuit Inc.’s (Nasdaq: INTU) financial services division for about $1.03 billion.
Intuit’s financial services division, headquartered in Westlake Village, Calif., focuses on providing a digital banking platform and mobile services to financial institutions. Services include digital payments and mobile banking. OFX connectivity and Mint.com, two Intuit units in the financial services division, are not included in the deal.
Intuit plans to use the proceeds of the deal to repurchase shares of the company. The company provides business and financial management services to small and mid-sized businesses, financial institutions, consumers and accounting professionals. Intuit's products include QuickBooks, Quicken and TurboTax.
Chicago-based Thoma Bravo focuses on application and infrastructure software, and financial and business service investments. The firm manages about $4 billion in commitments.
In June, Thoma Bravo agreed to buy Keynote Systems Inc. (Nasdaq: KEYN), which provides tools for developing mobile applications. In November, the firm picked up Crossbeam Systems Inc., which provides hardware and software security.