Business
Intuit sells Quicken unit to H.I.G. Capital
The company's well-known Quicken business has been sold to a private equity firm. Quicken GM Eric Dunn was an investor in the transaction.
Intuit said Thursday that it has sold its Quicken business to private equity firm H.I.G. Capital.
The company had been shopping Quicken to focus on other areas. H.I.G. Capital has a broad portfolio and outposts around the world.
Quicken General Manager Eric Dunn said H.I.G. Capital will invest in the business, which he added "could use some TLC."
In a post on Quicken's community forums, Dunn wrote:
(H.I.G. Capital) decided to invest in the Quicken business because of their deep appreciation of the Quicken product, our loyal customers, and Quicken's commitment to helping consumers manage their finances. 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 added that he was an investor in the transaction and part-owner.
The Quicken 2016 product roadmap will continue as planned and the company has upped its investment in phone support.
Intuit closed the post to comments so it's unclear how the customer reaction will go.