Digital Insight announced this week that John O’Malley will serve as the fintech company’s new Chief Executive Officer. The new appointment is effective on November 1st.
O’Malley brings more than 30 years of experience in both financial services and financial technology. He was most recently CEO of Panini, a payment technology company. Previously, O’Malley served as chief executive officer for Memento and Harland Financial Solutions, where he was also President.
Formerly known as Intuit Financial Services, Digital Insight was acquired by Thoma Bravo this summer. Read our coverage of the billion-dollar deal here.
Digital Insight was one of our original alumni, presenting at the first Finovate in 2007. Video of the company’s presentation is available here
Intuit, creator of TurboTax and Quickbooks, announced today that it will sell Intuit Financial Services (IFS) to Thoma Bravo, a private equity investing firm.
Thoma Bravo will purchase IFS for $1 billion in cash. The deal includes Intuit’s banking, digital payments and mobile banking platforms. It excludes some assets, including OFX connectivity and Mint.com, which now boasts 5 million users.
Intuit purchased IFS in 2007 (it was then known as Digital Insight) for $1.35 billion. Some analysts have pointed to slow revenue growth as a reason for the sale. According to Reuters:
“IFS, which provides banking software to financial institutions, reported a revenue growth of 9 percent for the quarter ended April. In contrast, revenue at Intuit’s small business unit rose 17 percent and that at its consumer tax division increased 14 percent.”
Intuit demoed at Finovate 2009. Mint.com debuted at the very first Finovate in 2007 before it was aquired by Intuit. It last demoed at FinovateSpring 2013 in San Francisco.