September 14, 2009

Intuit to purchase for $170M

California software company Intuit said Monday it agreed to purchase, a personal finance Web site, for $170 million. is a money management Web site launched in September 2007.

Intuit's primary products are accounting and tax software TurboTax and Quicken and QuickBooks.

Joining Intuit enables us to bring our vision of helping consumers understand and do more with their money to millions of Intuit customers, founder and Chief Executive Officer Aaron Patzer said in a statement.

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, Intuit CEO Brad Smith said in a statement announcing the deal.

Presuming regulatory approval, the companies expect the deal to close by the end of the year.