Intuit, an American software company best known for its personal finance programs Quicken and TurboTax, has decided to sell off Quicken to the private equity firm H.I.G. Capital so that it can dedicate its time to focusing on other areas.
H.I.G. Capital is a large global private equity and alternative assets investment firm. The company has $19 billion dollars worth of equity capital under its management and has a diverse portfolio of private equity, growth equity, life sciences, real estate, and other assets.
Quicken's General Manager Eric Dunn explained that H.I.G. Capital decided to buy Quicken from Intuit because the firm believes strongly in Quicken's product and believes in the company's goal of helping individuals to manage their finances. Dunn himself was an investor in the transaction and was a part-owner of the company.
Lately Intuit has not been able to dedicate the necessary time, attention, or resources to Quicken that the software needs. Hopefully H.I.G Capital will be able to provide the company with the help it needs to prosper and grow.
Quickens 2016 product road map will proceed unchanged and the company has invested more heavily in phone support for its products. It will be interesting to see how the company will change and hopefully grow under H.I.G. Capital's leadership and what Intuit will be focusing its time on going forward.