Marking its second major buy over the past few months, Intuit Inc. said it will purchase online personal finance provider Mint.com in a cash transaction worth approximately $170 million.
Launched in September 2007, Mountain View, Calif.-based Mint.com allows users to set up an account on its Web site and then add their credit card, bank, home loan and investment accounts for the online provider to manage for free. According to its Web site (www.mint.com), the company tracks more than over $175 billion in transactions and $47 billion in assets.
The deal is the latest for Intuit, also based in Mountain View, Calif. In June, the company announced that it would buy PayCycle Inc., an online payroll service provider to small business members and customers for $170 million. Digital Insight, an Intuit company, provides online banking services to credit unions and mid-size banks. Both deals could expand the credit union industry's reach within the small business and consumer finance market.
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