Thoma Bravo to Acquire Intuit’s Financial Services Business

  Thoma Bravo to Acquire Intuit’s Financial Services Business

       Private Equity Firm to Purchase Leading Digital Banking Solution

Business Wire

SAN FRANCISCO & MOUNTAIN VIEW, Calif. -- July 1, 2013

Thoma Bravo and Intuit Inc. (Nasdaq: INTU) today announced that Thoma Bravo
has entered into a definitive agreement with Intuit to acquire its Financial
Services division, or IFS.

The cash transaction is valued at approximately $1.025 billion and is subject
to regulatory review and other customary closing conditions. The transaction
is expected to close in the next few months.

“Thoma Bravo is gaining a richly talented team that has created an enviable
integrated digital banking platform and innovative mobile solution, recognized
as the best in the market,” said Brad Smith, Intuit president and chief
executive officer. “Intuit will sharpen its focus on directly serving
consumers and small businesses, and continuing to build our durable
competitive advantage in those segments.”

“Thoma Bravo’s acquisition of IFS is consistent with our strategy of buying
great technology franchises with significant recurring revenue,” said Orlando
Bravo, managing partner at Thoma Bravo. “We look forward to accelerating the
company’s growth as an independent business through our buy-and-build

Once the transaction closes, Thoma Bravo will provide IFS with the leadership
and resources to scale and effectively meet the needs of its customers in the
growing digital banking channel across the financial services industry.

“IFS is the premier provider of online and mobile banking software to
financial institutions, markets which should continue to see secular growth
and further end-user adoption,” said Holden Spaht, partner at Thoma Bravo.
”Thoma Bravo will continue to support the company’s mission of providing
best-in-class products to support its large base of customers and end users.”

The transaction will result in a stand-alone company focused on providing a
digital banking platform and market-leading mobile solutions to financial
institutions. The transaction includes an Internet banking platform, digital
payments, mobile banking, Purchase Rewards, FinanceWorks, and digital banking
add-on solutions as well as third-party solutions. Certain assets that are
currently included in the IFS division, including OFX connectivity and, will remain with Intuit.

Terms and Conditions

Intuit intends to use the proceeds of this transaction to accelerate
repurchase of its shares. The company expects to classify Intuit Financial
Services as discontinued operations. In fiscal 2012, IFS (excluding Mint and
OFX connectivity services, which will stay with Intuit) contributed revenue of
approximately $305 million. In fiscal 2013, IFS (excluding Mint and OFX
connectivity services) is expected to contribute revenue of approximately $325
million. Based in Westlake Village, Calif., IFS has 730 employees in several
offices in the United States and India.

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting professionals. Its
flagship products and services, including QuickBooks®, Quicken® and TurboTax®,
simplify small business management and payroll processing, personal finance,
and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading
tax preparation offerings for professional accountants. Intuit Financial
Services helps banks and credit unions grow by offering innovative online and
mobile banking solutions that make it easier for consumers and businesses to
manage their money.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year
2012. The company has approximately 8,000 employees with major offices in the
United States, Canada, the United Kingdom, India and other locations. More
information can be found at

About Intuit Financial Services

Intuit Financial Services helps banks and credit unions grow by offering
innovative online and mobile banking solutions that make it easier for
consumers and businesses to manage their money. Applying more than three
decades of customer insights and innovation to design its products, Intuit
provides solutions that help financial institutions achieve higher customer
engagement and profitability. Learn more at

About Thoma Bravo, LLC

Thoma Bravo is a leading private equity investment firm building on a 30+ year
history of providing equity and strategic support to experienced management
teams and growing companies. The firm applies its own industry consolidation
investment strategy and process, which seeks to create value by partnering
with a company’s management to improve business operations and make strategic
acquisitions that will accelerate growth. Thoma Bravo invests across multiple
industries, with a particular focus on application and infrastructure software
and financial and business services. The firm currently manages a series of
private equity funds representing almost $4 billion of equity commitments. In
software, Thoma Bravo has invested in 26 companies that have completed 60
add-on acquisitions to produce total annual earnings of approximately $1
billion. For more information, visit

Cautions About Forward-Looking Statements

This press release contains forward-looking statements, including statements
about our refreshed company strategy, strategic outcomes potential
divestitures and organizational realignment and their impact on Intuit’s

Because these forward-looking statements involve risks and uncertainties,
there are important factors that could cause our actual results to differ
materially from the expectations expressed in the forward-looking statements.
These factors include, without limitation, the following: inherent difficulty
in predicting consumer behavior; difficulties in receiving, processing, or
filing customer tax submissions; consumers may not respond as we expected to
our advertising and promotional activities; product introductions and price
competition from our competitors can have unpredictable negative effects on
our revenue, profitability and market position; governmental encroachment in
our tax businesses or other governmental activities or public policy affecting
the preparation and filing of tax returns could negatively affect our
operating results and market position; we may not be able to successfully
innovate and introduce new offerings and business models to meet our growth
and profitability objectives, and current and future offerings may not
adequately address customer needs and may not achieve broad market acceptance,
which could harm our operating results and financial condition; business
interruption or failure of our information technology and communication
systems may impair the availability of our products and services, which may
damage our reputation and harm our future financial results; as we upgrade and
consolidate our customer facing applications and supporting information
technology infrastructure, any problems with these implementations could
interfere with our ability to deliver our offerings; any failure to properly
use and protect personal customer information and data could harm our revenue,
earnings and reputation; if we are unable to develop, manage and maintain
critical third party business relationships, our business may be adversely
affected; increased government regulation of our businesses may harm our
operating results; if we fail to process transactions effectively or fail to
adequately protect against potential fraudulent activities, our revenue and
earnings may be harmed; any significant offering quality problems or delays in
our offerings could harm our revenue, earnings and reputation; our
participation in the Free File Alliance may result in lost revenue
opportunities and cannibalization of our traditional paid franchise; the
continuing global economic downturn may continue to impact consumer and small
business spending, financial institutions and tax filings, which could
negatively affect our revenue and profitability; year-over-year changes in the
total number of tax filings that are submitted to government agencies due to
economic conditions or otherwise may result in lost revenue opportunities; our
revenue and earnings are highly seasonal and the timing of our revenue between
quarters is difficult to predict, which may cause significant quarterly
fluctuations in our financial results; our financial position may not make
repurchasing shares advisable or we may issue additional shares in an
acquisition causing our number of outstanding shares to grow; our inability to
adequately protect our intellectual property rights may weaken our competitive
position and reduce our revenue and earnings; our acquisition and divestiture
activities may disrupt our ongoing business, may involve increased expenses
and may present risks not contemplated at the time of the transactions; our
use of significant amounts of debt to finance acquisitions or other activities
could harm our financial condition and results of operation; and litigation
involving intellectual property, antitrust, shareholder and other matters may
increase our costs. More details about these and other risks that may impact
our business are included in our Form 10-K for fiscal 2012 and in our other
SEC filings. You can locate these reports through our website at Forward-looking statements are based on
information as of July 1, 2013, and we do not undertake any duty to update any
forward-looking statement or other information in these materials.

Photos/Multimedia Gallery Available:



Intuit Inc.
Intuit Investors
Matt Rhodes, 650-944-2536
Intuit Media
Diane Carlini, 650-944-6251
Thoma Bravo
Amber Roberts, 212-302-5964
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