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Kyle Bean for Fortune

Intuit Sells Quicken Business to H.I.G. Capital

Mar 04, 2016

Intuit (intu) revealed on Thursday that it will sell its Quicken business to H.I.G. Capital, a private equity firm.

The back-office business software company has been looking for a buyer for the unit since August.

Quicken first rose to prominence in the mid-1980s as a tool for individuals to manage their finances. At the time (and this is the MS-DOS era we're talking about) there were myriad software tools for the task. Quicken proved to be among the simplest. Over time it became a family of personal finance products—first tailored to the boxed software era; more recently to the cloud computing one.

But the brand had fallen on more difficult times in recent years as nimbler, simpler startups rose up to challenge it.

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Eric Dunn, head of the Quicken business, wrote in a blog post that H.I.G. Capital wants to turn that around.

"They are confident, as am I, that Quicken will thrive with increased investment, leading to product improvements and advances that will allow Quicken to continue to serve you well for decades to come," Dunn wrote. "Looking ahead, I am excited that I will be working with them as the future owners of the Quicken business—and, as a significant personal investor in the transaction, as a part-owner myself."

He added: "We all know that Quicken can use a little T.L.C.—tender loving care."

Dunn said Quicken continues to roll out its 2016 products and invest in its U.S.-based phone support.

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