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Intuit Acquires Online Banking Provider

by Leroy Baker, Tax-News.com, New York

04 December 2006


Intuit, a leading provider of tax preparation software in the United States, is to acquire online banking provider Digital Insight in a deal worth $1.35 billion.

The new company will serve more than 5,000 financial institutions, nearly 25 million consumers and nearly 7 million small businesses.

“The combination of two industry leaders will put Intuit in an excellent position to bring a new generation of online banking solutions to market in a way that will redefine the way small businesses and consumers manage their financial lives,” commented Steve Bennett, Intuit president and chief executive officer.

Jeff Stiefler, Digital Insight chairman, president and chief executive officer, added that: “Digital Insight’s and Intuit’s combined assets and competencies will change the game for small businesses, consumers and the financial institutions that serve them."

Following the closing of the acquisition, Digital Insight’s business operations will continue to operate from its existing facilities in California and Georgia. The Digital Insight business operations will establish the foundation for a newly formed financial institutions business division within Intuit, with Stiefler serving as that unit’s president.

The transaction is subject to regulatory review, Digital Insight shareholder approval and other customary closing conditions.

After closing, expected in the first calendar quarter of 2007, Digital Insight will become part of Intuit, and Digital Insight stock will cease trading. Intuit plans to finance the transaction with a combination of existing cash balances and up to $1 billion of debt financing, although there are no financing contingencies in the merger agreement.

Intuit is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks, Quicken and TurboTax software for small businesses and ProSeries and Lacerte for accounting professionals.


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