Intuit has signed a deal to acquire personal finance site Mint.com for approximately $170 million cash.
The privately held Web site, based like Intuit in Mountain View, Calif., has gained popularity, especially among young people who use it to keep track of their spending and budgets. Intuit has been expanding its array of online services as part of its connected services strategy. The company said it plans to keep operating both Mint.com and its own personal finance site, Quicken Online.
Mint.com will become the primary online personal finance management service that Intuit will offer directly to consumers. Quicken Online will connect Quicken customers via the desktop, Web and mobile phone. After the transaction is completed in the fourth quarter, Mint.com will become part of Intuit's consumer group, which includes both the companys Quicken and TurboTax products.
With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful software-as-a-service offering that helps people save and make money, said Intuit CEO Brad Smith in a statement. This move will enhance Intuits position as a leading provider of consumer SaaS offerings that connect customers across desktop, online and mobile.
Launched in September 2007, Mint.com has attracted over 1.5 million users. The site claims to track nearly $200 billion in transactions and $50 billion in assets. Mint.com has received over $17 million in financing from venture capital firms including Shasta Ventures, Benchmark Capital, First Round Capital, DAG Ventures and Sherpalo Ventures (see Mint.com, Bill.com Receive Extra VC Funding).
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