Intuit Inc will sell its financial services unit to private equity firm Thoma Bravo LLC for more than $1.03 billion as part of a plan to shed peripheral assets after a weak tax-filing season, sending its shares up as much as 5 percent.Intuit, developer of the tax-preparation software TurboTax, had hinted at a reorganization after a delayed start to the U.S. tax season hurt its results for the first half of the year.It announced an organizational realignment in May to focus on expanding its tax-preparation services and its small business group unit, under which it provides its flagship accounting software QuickBooks.Intuit bought the financial services unit, then called Digital Insight, for $1.35 billion in 2007. The unit, now known as Intuit Financial Services (IFS), failed to match the company's expectations, with growth lagging behind that of its core businesses.
Intuit Inc. (Intuit) is a provider of business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions. Shares of INTU traded higher by 4.0% or $2.44/share to $63.48. In the past year, the shares have traded as low as $55.54 and as high as $68.41. On average, 2680550 shares of INTU exchange hands on a given day and today's volume is recorded at 2765485.
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