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Intuit acquires Mint.com

Intuit Mint

TechCrunch reported yesterday that Intuit will acquire Mint for around $170 million and a press release on both companies’ websites confirms the news.

We previously wrote about Mint.com, a personal finance web based tool. Providing over 1.5 million users an easy and intelligent way to manage their money, Mint is the first personal finance service in the US; the service is accessible over the web, on your mobile or on your iPhone.

On Mint’s side, the advantages of the acquisition (besides the 170 million dollars, of course!) are quite clear: “Joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers,” says Mint.com Founder and CEO, Aaron Patzer.

On the other side, Intuit will enhance its position in the SaaS arena: “With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful Software as a Service (SaaS) offering that helps people save and make money,” saiys Brad Smith, Intuit CEO.

After the transaction is complete, expected by the end of 2009, Mint.com will become part of Intuit’s Consumer Group, which includes both Quicken and TurboTax products. Then, Intuit will be able to apply Mint’s innovative capabilities to millions of consumers and small business customers: “Mint.com brings a wealth of experience in creating and building innovative, easy-to-use online products,” saiys Dan Maurer, senior vice president and general manager of Intuit’s Consumer Group.

Are you wondering what will happen with the Quiken Online now that Mint is entering Intuit’s online offering?
Intuit says that they want to keep both products, with Mint becoming the primary online personal finance management service and Quicken Online playing the role of connecting Quicken customers across desktop, online and mobile. According to Intuit, this will help accelerate their ability to create products and services that make managing money easier for all their customers.

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Posted in Technology