Unconfirmed reports of the takeover first emerged earlier in the week. Intuit has now confirmed the acquisition, indicating that the addition of the popular consumer brand to its products portfolio is set to enhance its presence on the online financial services market.
Intuit has also indicated its intention to keep both the Mint.com and Quicken Online offerings, with each serving separate purposes. Thus, the Mint.com online personal finance management service will be offered directly to consumers by Intuit. Meanwhile, Quicken Online will connect Quicken customers across desktop, online and mobile to provide consumers with anytime-anywhere access to their finances.
Once the transaction is complete, Mint.com will become part of Intuits Consumer Group, which includes both Quicken and TurboTax products. The transaction is expected to close during the Q4 2009 and is subject to regulatory review and other customary closing conditions.
Editors notes: The combination between Intuit’s powerful brand and Mint.com’s popularity is likely to prove a successful recipe. Just like eBay’s decision to buy out rival e-payments provider PayPal, Intuit’s move shows that established companies fare better incorporating their fresh, successful rivals than trying to face them head-on.
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