Thoma Bravo announced Thursday that it's completed the acquisition of Intuit's financial services division in a deal valued at more than $1 billion.
The private equity firm said it will rename the Intuit unit Digital Insight. The new company will be headquartered in the heart of Silicon Valley, Menlo Park.
Digital Insight will continue to support Intuit's TurboTax for Online Banking. And the company pledged to support other pieces of Intuit software its banking customers already use.
At the beginning of July, when Thoma Bravo announced the deal, Intuit had roughly 2,900 financial institution customers, and it provided about 1,100 of them with digital banking.
(http://www.americanbanker.com/issues/178_126/thoma-bravo-to-buy-intuits-financial-services-unit-for-1-billion-dollars-1060311-1.html)
"We look forward to working with the Digital Insight management team to expand upon its industry leading products and solutions for financial institutions and grow the business organically and through strategic acquisitions," said Orlando Bravo, a managing partner at Thoma Bravo, in a press release. "As a stand-alone company, Digital Insight will be able to focus on providing an innovative digital banking platform and aggressively expand its customer base."
This is Thoma Bravo's second step into fintech this year.
In June, the private equity shop said it planned to acquire Keynote (KEYN), which sells Internet and mobile cloud testing and monitoring, for $395 million in cash.
(http://www.americanbanker.com/issues/178_121/thoma-bravo-to-acquire-keynote-systems-1060082-1.html)
The pact is subject to shareholder and regulatory approval and is expected to close before the end of September. At that time, Keynote would be turned into a private company.
