Intuit sells QuickBase to private equity firm
Intuit has finally found a buyer for its online application software QuickBase: private equity firm Welsh, Carson, Anderson & Stowe.
The firm hopes to use QuickBase to take advantage of opportunities in the low-code development space.
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Intuit has owned QuickBase since 1999, but announced last August plans to divest the business, along with Demandforce and Quicken. Demandforce was sold to Internet Brands in January and Quicken found a home with private equity firm H.I.G. Capital just last week.
Intuit maintained the strengths of each business, but said the companies were just too far outside of its core focus to justify keeping them.
"Demandforce and QuickBase are great businesses, but they do not support the QuickBooks Online ecosystem, and both serve customers that are up-market from our core small business customers," Intuit CEO Brad Smith said on a conference call in August following the divestiture news.
Financial terms of the deal were not disclosed, however Intuit said previously it expects something in the range of $500 million in combined proceeds from the sale of each company.
Going forward, QuickBase will remain in its Cambridge, Massachusetts headquarters and be led by CEO Allison Mnookin.
QuickBase leaves Inuit in a solid financial position. The company's revenue has been growing about 33 percent annually for the last 10 years and it is profitable. QuickBase had more than $70 million in fiscal 2015 revenue. After the deal is complete, Intuit said it will become one of QuickBase's largest paying customers.