MOUNTAIN VIEW, Calif. — Known for its tax and small business software, tech giant Intuit is acquiring Digital Insight, one of the first pure Internet banking companies, for $1.35 billion.
Intuit, which offers popular financial software programs such as TurboTax, QuickBooks and Quicken, will pay $39 for each share of Digital Insight. Digital Insight shares surged 15% the day the news was announced.
With more than $2 billion in revenue in '06, Intuit is a much larger player than Digital Insight, which will see revenues of approximately $238 million this year. Digital Insight currently reaches seven million consumers and 115,000 business end users through relationships with 1,750 financial institutions. Intuit has 15 million Quicken users, seven million small business clients and helps 20 million people complete tax returns each year with its TurboTax product.
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