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.”