Intuit Inc. is an American
business software
Business software (or a business application) is any software or set of computer programs used by business users to perform various business functions. These business applications are used to increase productivity, measure productivity, and perf ...
company that specializes in
financial software. The company is headquartered in
Mountain View, California
Mountain View is a city in Santa Clara County, California, United States. Named for its views of the Santa Cruz Mountains, it has a population of 82,376.
Mountain View was integral to the early history and growth of Silicon Valley, and is th ...
, and the CEO is Sasan Goodarzi. Intuit's products include the
tax preparation application
TurboTax, personal finance app
Mint, the
small business accounting program
QuickBooks, the credit monitoring service
Credit Karma
Credit Karma is an American multinational personal finance company founded in 2007, which has been a brand of Intuit since December 2020. It is best known as a free credit and financial management platform, but its features also include monitor ...
,
and email marketing platform
Mailchimp
Mailchimp is a marketing automation platform and email marketing service. "Mailchimp" is the trade name of its operator, Rocket Science Group, an American company founded in 2001 by Ben Chestnut and Mark Armstrong, with Dan Kurzius joining at ...
.
more than 95% of its revenues and earnings come from its activities within the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...
.
Intuit offers a free online service called TurboTax Free File as well as a similarly named service called TurboTax Free Edition which is not free for most users.
In 2019, investigations by
ProPublica
ProPublica (), legally Pro Publica, Inc., is a nonprofit organization based in New York City. In 2010, it became the first online news source to win a Pulitzer Prize, for a piece written by one of its journalists''The Guardian'', April 13, 2010 ...
found that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics including
search engine delisting and a deceptive discount targeted to members of the military.
Intuit has lobbied extensively against the
IRS providing taxpayers with free pre-filled forms, as is the norm in developed countries.
History
The company was founded in 1983 by
Scott Cook and
Tom Proulx in
Palo Alto, California
Palo Alto (; Spanish for "tall stick") is a charter city in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area, named after a coastal redwood tree known as El Palo Alto.
The city was ...
.
Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize that
personal computer
A personal computer (PC) is a multi-purpose microcomputer whose size, capabilities, and price make it feasible for individual use. Personal computers are intended to be operated directly by an end user, rather than by a computer expert or tech ...
s would lend themselves towards replacements for paper-and-pencil based personal accounting. On his quest to find a programmer he ended up running into
Tom Proulx at
Stanford
Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consider ...
. The two started Intuit, which initially operated out of a modest room on University Avenue in
Palo Alto
Palo Alto (; Spanish for "tall stick") is a charter city in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area, named after a coastal redwood tree known as El Palo Alto.
The city was es ...
. The first version of
Quicken
Quicken is a personal finance management application originally developed and offered by Intuit, Inc. Intuit sold Quicken to H.I.G. Capital in 2016, and H.I.G. sold Quicken to Aquiline Capital Partners in 2021.
Quicken runs on Windows and Mac ...
was coded in Microsoft's
BASIC programming language
BASIC (Beginners' All-purpose Symbolic Instruction Code) is a family of general-purpose, high-level programming languages designed for ease of use. The original version was created by John G. Kemeny and Thomas E. Kurtz at Dartmouth College i ...
for the IBM PC and
UCSD Pascal
UCSD Pascal is a Pascal programming language system that runs on the UCSD p-System, a portable, highly machine-independent operating system. UCSD Pascal was first released in 1977. It was developed at the University of California, San Diego (UC ...
for the
Apple II
The Apple II (stylized as ) is an 8-bit home computer and one of the world's first highly successful mass-produced microcomputer products. It was designed primarily by Steve Wozniak; Jerry Manock developed the design of Apple II's foam-mold ...
by Tom Proulx and had to contend with a dozen serious competitors.
In 1991, Microsoft decided to produce a competitor to Quicken called
Microsoft Money. To win retailers' loyalty, Intuit included a US$15 rebate coupon, redeemable on software customers purchased in their stores. This was the first time a software company offered a rebate.
Roughly around the same time the company engaged
John Doerr
L. John Doerr (born June 29, 1951) is an American investor and venture capitalist at Kleiner Perkins in Menlo Park, California. In February 2009, Doerr was appointed a member of the President's Economic Recovery Advisory Board to provide the Pre ...
of
Kleiner Perkins
Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneur ...
and diversified its product lineup. In 1993 Intuit went public and used the proceeds to make a key acquisition: the tax-preparation software company Chipsoft based in
San Diego
San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the eighth most populous city in the United States ...
. The time after the
IPO was marked by rapid growth and culminated with a buyout offer from
Microsoft
Microsoft Corporation is an American multinational corporation, multinational technology company, technology corporation producing Software, computer software, consumer electronics, personal computers, and related services headquartered at th ...
in 1994; at this time Intuit's
market capitalization reached US$2
billion
Billion is a word for a large number, and it has two distinct definitions:
*1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English.
* 1,000,000,000,000, ...
.
When the buyout fell through because of the
United States Department of Justice
The United States Department of Justice (DOJ), also known as the Justice Department, is a United States federal executive departments, federal executive department of the United States government tasked with the enforcement of federal law and a ...
's disapproval, the company came under intense pressure in the late 1990s when Microsoft started to compete vigorously with its core Quicken business. In response, Intuit launched new web-based products and put more emphasis on QuickBooks and on TurboTax. The company made a number of investments around this time. Among others, it purchased a large stake in
Excite and acquired Lacerte Software, a
Dallas
Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...
-based developer of tax preparation software used by tax professionals. It also divested itself of its online bill payment service unit and extended and strengthened its partnership with
CheckFree
Fiserv, Inc. () is an American multinational company headquartered in Brookfield, Wisconsin that provides financial technology services to clients across the financial services sector, including: banks, thrifts, credit unions, securities broker ...
.
In June 2013, Intuit announced it would sell its financial services unit to private equity firm
Thoma Bravo
Thoma Bravo, LP, is an American private equity and growth capital firm with offices in San Francisco, Chicago and Miami. It is known for being particularly active in acquiring software companies and has over $114 billion in assets under managem ...
for $1.03 billion.
In June 2015, the firm laid off approximately 5% of its workforce as part of a company reorganization.
As of May 2018, Intuit had more than US$5 billion in annual
revenue
In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.
Commercial revenue may also be referred to as sales or as turnover. Some companies receive rev ...
and a market capitalization of about US$50 billion. In August 2018, the company announced that Sasan Goodarzi would become Intuit's leader and CEO at the beginning of 2019. Smith will remain chairman of Intuit's board of directors. In August 2020, Intuit QuickBooks Canada was expected to reveal intentions to partner with Digital Main Street, as the company aims to help digitally turn Canadian small businesses.
Legal issues
Intuit formerly offered a free online service called TurboTax Free File as well as a similarly named service called TurboTax Free Edition which is not free for most users.
TurboTax Free File was developed as part of an agreement whereby members of the
Free File Alliance would offer tax preparation for individuals below an income threshold for free in exchange for the IRS not providing taxpayers with free pre-filled forms.
In 2019, investigations by
ProPublica
ProPublica (), legally Pro Publica, Inc., is a nonprofit organization based in New York City. In 2010, it became the first online news source to win a Pulitzer Prize, for a piece written by one of its journalists''The Guardian'', April 13, 2010 ...
found that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics including
search engine delisting and a deceptive discount targeted to members of the military. Subsequent investigations by the
Senate Committee on Homeland Security and Governmental Affairs and the
New York State Department of Financial Services reached similar conclusions, the latter concluding that Intuit engaged in "unfair and abusive practices".
As of 2022, Intuit is the subject of multiple lawsuits and is under investigation by the
FTC and several
state attorneys general. On May 4, 2022, Intuit agreed to pay a $141 million settlement over misleading advertisements.
Current products
CEO Sasan Goodarzi oversees all products in all countries.
;
TurboTax
:Offered in Basic, Standard, Premier, and Home & Business versions, as well as TurboTax 20 for preparing multiple returns.
;
QuickBooks
:Small business accounting and financial management software, offered in EasyStart, Pro, and Premier versions.
;QuickBooks Online
:Web-based accounting software designed for companies to review business financials through live data and insights to help make clear business decisions.
;
Mint.com
:Web-based personal finance service.
;ProConnect
:Professional tax products, including ProConnect Tax Online, Lacerte, ProSeries Professional, ProSeries Basic, and EasyAcct.
;
Credit Karma
Credit Karma is an American multinational personal finance company founded in 2007, which has been a brand of Intuit since December 2020. It is best known as a free credit and financial management platform, but its features also include monitor ...
:Access to credit scores, reports, and monitoring.
;QuickBooks Commerce
:Open platform that consolidate sales channels into a central hub for product-based small businesses.
;
Mailchimp
Mailchimp is a marketing automation platform and email marketing service. "Mailchimp" is the trade name of its operator, Rocket Science Group, an American company founded in 2001 by Ben Chestnut and Mark Armstrong, with Dan Kurzius joining at ...
:E-mail marketing platform.
International operations
Canada
Intuit Canada ULC, an indirect
wholly owned subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a sam ...
of Intuit, is a developer of financial management and tax preparation software for
personal finance
Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
When planning personal fin ...
and
small business accounting. Services are delivered on a variety of platforms including
application software
Application may refer to:
Mathematics and computing
* Application software, computer software designed to help the user to perform specific tasks
** Application layer, an abstraction layer that specifies protocols and interface methods used in a ...
,
software connected to services,
software as a service
Software as a service (SaaS ) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as "on-demand software" and Web-based/Web-hosted software.
SaaS is co ...
,
platform as a service and
mobile application
A mobile application or app is a computer program or software application designed to run on a mobile device such as a phone, tablet, or watch. Mobile applications often stand in contrast to desktop applications which are designed to run on d ...
s. Intuit Canada has employees located all across Canada, with offices in
Edmonton
Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city anc ...
,
Alberta
Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...
, and
Toronto
Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
,
Ontario
Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...
.
Intuit Canada traces its origins to the 1993 acquisition by Intuit of a Canadian
tax preparation software Tax preparation is the process of preparing tax returns, often income tax returns, often for a person other than the taxpayer, and generally for compensation. Tax preparation may be done by the taxpayer with or without the help of tax preparation so ...
developer. In 1992, Edmontonians and
University of Alberta
The University of Alberta, also known as U of A or UAlberta, is a public research university located in Edmonton, Alberta, Canada. It was founded in 1908 by Alexander Cameron Rutherford,"A Gentleman of Strathcona – Alexander Cameron Ruth ...
graduates
Bruce Johnson and Chad Frederick had built a
tax preparation product called WINTAX – Canada's first
Microsoft Windows-based personal tax preparation software. In 1993, they agreed to be acquired by Chipsoft, manufacturer of the U.S. personal income tax software
TurboTax. Shortly after the WINTAX acquisition, Chipsoft agreed to merge with Intuit, the developer of the
Quicken
Quicken is a personal finance management application originally developed and offered by Intuit, Inc. Intuit sold Quicken to H.I.G. Capital in 2016, and H.I.G. sold Quicken to Aquiline Capital Partners in 2021.
Quicken runs on Windows and Mac ...
financial software. Intuit Canada continued to update and support the WINTAX software, which was renamed QuickTax in 1995 and then renamed TurboTax in 2010. Intuit Canada quickly became the hub for international development at Intuit, producing localized versions of Quicken and
QuickBooks for Canada (in French and English) and the United Kingdom. The U.K. version of Quicken was discontinued in 2005.
Current products of Intuit Canada
* TurboTax (formerly QuickTax) – offered in Basic, Standard, Premier, and Home & Business versions, as well as TurboTax 20 for preparing multiple returns.
* – French-language version of TurboTax – offered in de base, de luxe, premier and particuliers et entreprises versions.
*TurboTax online – Online versions of Free, Student, Standard, Premier and Home & Business.
* – Online versions of gratuit, étudiant, de luxe, premier and particuliers et entreprises.
*SnapTax – an iPhone app that allows users to complete their income tax return on their iPhone
*TurboTax Refund Calculator – an iPad app that estimates tax returns and illustrates how changes, such as having a baby, can impact your income tax return
*QuickBooks – Small business accounting and financial management software, offered in EasyStart, Pro and Premier versions.
*QuickBooks Payroll Solutions – extends QuickBooks Pro and Premier into an in-house payroll solution.
*Intuit Merchant Service for QuickBooks – lets you process credit and debit transactions directly in any version of QuickBooks.
*QuickBooks Enterprise Solutions – for midsized companies that require more capacity, functionality and support than is offered by traditional small business accounting software; includes QuickBooks Payroll.
*QuickBooks Online – an online small business accounting and financial management solution, offered in EasyStart, Essentials, and Plus versions.
*Intuit GoPayment – process and receive payments on the go through your mobile device.
* – French-language version of QuickBooks, offered in Succès PME, Succès PME Pro, and Succès PME Premier versions
*QuickBooks Succès PME Service de paie – French-language version of the Payroll Solutions
*ProFile Basic and Premier Editions – Professional Tax Preparation Packages
Discontinued products of Intuit Canada
*TaxWiz – Tax preparation software – the company purchased in 2002, discontinued in 2007.
*WillExpert – A software package for preparing personal wills (for use within all of Canada with the exception of Quebec, due to specific provincial legislation).
In 2008, Intuit Canada discontinued the TaxWiz software and added QuickTax Basic to their lineup. Changes made by the
Canada Revenue Agency
The Canada Revenue Agency (CRA; ; ) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax c ...
forced Intuit and other tax preparing software companies to limit the number of returns available from their software to 20. This caused Intuit Canada to stop offering QuickTax Pro50 and Pro100 products, and they now offer QuickTax 20 as an alternative. Intuit Canada has since announced that for the 2010 tax year, they will discontinue use of the name QuickTax and replace it with the name
TurboTax – thus bringing the product in line with Intuit's American tax-filing software.
Online communities
Intuit has several online communities, some of which offer integration or cross-sells into its other products. These include QuickBooks online community for QuickBooks users and small business owners, Quicken Online Community for Quicken users and those who need help with the personal finances, and the Accountant Online Community and Jump Up. Each consists of blogs, an expert locator map and event calendar, forums and discussion groups, podcasts, videocasts and webinars, and other user-created content.
JumpUp (formerly JackRabbit Beta) is a free social networking and resources site for small business owners and/or start-ups. Free tools and services include an interactive business planner, online training for developing a successful business plan, starting costs calculator, cash flow calculator, break-even calculator, templates for business planning and sample business plans.
TaxAlmanac is a free online tax research resource. The site includes information including the Internal Revenue Code, Treasury Regulations, Tax Court Cases, and a variety of articles.
Modeled after
English Wikipedia
The English Wikipedia is, along with the Simple English Wikipedia, one of two English-language editions of Wikipedia, an online encyclopedia. It was founded on January 15, 2001, as Wikipedia's first edition, and, as of
, has the most arti ...
, TaxAlmanac was launched in May 2005. The June 6, 2005 edition of Time magazine featured an article entitled "It's a Wiki, Wiki World" about English Wikipedia in which TaxAlmanac was highlighted as "A Community of Customers". The November 21, 2005 edition of ''
Business Week
''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...
'' featured an article titled "50 Smart Ways to Use the Web" in which TaxAlmanac was selected as one of the 50. The product made the short list as one of the 7 in the collaboration category. Intuit shut down TaxAlmanac effective June 1, 2014. Many of the users have migrated to a new site called TaxProTalk.com.
Zipingo was a free
website
A website (also written as a web site) is a collection of web pages and related content that is identified by a common domain name and published on at least one web server. Examples of notable websites are Google, Facebook, Amazon, and Wikip ...
where users could rate services such as
contractors,
restaurants
A restaurant is a business that prepares and serves food and drinks to customers. Meals are generally served and eaten on the premises, but many restaurants also offer take-out and food delivery services. Restaurants vary greatly in appearance ...
, and other businesses. Ratings and comments were either entered from the website or through Quicken and QuickBooks. The site was closed by Intuit on August 23, 2007.
Finances
For the fiscal year 2021, Intuit reported earnings of US$2.062 billion, with an annual revenue of US$9.633 billion, an increase of 25.4% over the previous fiscal cycle. Intuit's shares traded at over $498.18 per share and total international net revenue was less than 5% of total net revenue.
Acquisitions and carve-outs
1990s
In 1993, Intuit acquired Chipsoft, a tax preparation software company based in San Diego.
In 1994, the firm acquired the tax preparation software division of Best Programs of Reston, VA. In the same year, Intuit acquired Parsons Technology from
Bob Parsons
Robert Ralph Parsons (born November 27, 1950) is an American entrepreneur, billionaire, and philanthropist. In 1997, he founded the GoDaddy group of companies, including domain name registrar GoDaddy.com, reseller registrar Wild West Domains, a ...
for $64 million.
In 1996, it acquired GALT Technologies, Inc of Pittsburgh, PA.
In 1998, it acquired
Lacerte
Intuit Inc. is an American business software company that specializes in financial software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. Intuit's products include the tax preparation applicatio ...
Software Corp., which now operates as an Intuit subsidiary. The Lacerte subsidiary focuses on tax software used by professional accountants who prepare taxes for a living. It is generally used by larger firms with more complex workflows and clients.
On March 2, 1999, Intuit acquired Computing Resources Inc. of
Reno, Nevada
Reno ( ) is a city in the northwest section of the U.S. state of Nevada, along the Nevada-California border, about north from Lake Tahoe, known as "The Biggest Little City in the World". Known for its casino and tourism industry, Reno is the c ...
for approximately $200 million. This acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software program. In December 1999, Intuit purchased Rock Financial for a sum of $532M. The company was renamed
Quicken Loans
Rocket Mortgage, LLC (formerly known as Quicken Loans LLC) is a mortgage loan provider. It is headquartered in the One Campus Martius building in the financial district of Downtown Detroit, Michigan. In January 2018, the company became the lar ...
. In June 2002, Rock Financial founder
Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit.
2000s
In 2001, Intuit invested in UK market, hiring a local management team led by Stephen Lee, managing director, and Neil Atkins, marketing director, with an aim to become Europe's leading B2B & B2C packaged accounts solution.
In 2002, the firm acquired
Management Reports International
MRI Software, LLC is a provider of real estate and investment management software to real estate owners, investors, and operators. The company was founded in 1971 under the name Management Reports Incorporated and was later known as Management Re ...
, a Cleveland-based real estate management software firm. The firm was renamed Intuit Real Estate Solutions (IRES) and offers real estate management products for Windows and the web. In 2002, it acquired
Eclipse ERP for $88 million, a real-time transaction processing accounting software used for order fulfillment, inventory control, accounting, purchasing, and sales
In 2003, it acquired 'Innovative Merchant Solutions' (IMS).a firm that provided merchant services to all types of businesses nationwide. The acquisition gave Intuit the ability to process credit cards through its core product, QuickBooks, without the need for hardware leasing. They can also provide traditional terminal-based credit card processing and downloading transactions directly into the QuickBooks software.
In November 2005, Intuit acquired MyCorporation.com, an online business document filing service, for $20 million from original founders Philip and Nellie Akalp.
In September 2006, it acquired StepUp Commerce, an online localized product listing syndicator, for $60 million in cash. In December 2006, it acquired
Digital Insight, a provider of online banking services.
On August 17, 2007, Intuit sold
Eclipse ERP to
Activant
Activant Solutions Inc. was a privately held American technology company specializing in business management, software serving retail and wholesale distribution businesses headquartered in Livermore, California.
Activant provided tailored pr ...
, for $100.5 million in cash .
In December 2007, it acquired Electronic Clearing House to add check processing power.In December 2007, it acquired
Homestead Technologies
Homestead Technologies is a web hosting company based in Burlington, Massachusetts. Homestead offers its members WYSIWIG tools to build and publish their own websites. Since its founding in 1997 as a free service provider, Homestead has expanded ...
which offers web site creation and e-commerce tools targeted at the small business market, for $170 million.
In April 2009, it acquired Boorah, a restaurant review site. On June 2, 2009, it announced the signing of a definitive agreement to purchase PayCycle Inc., an online payroll services, in an all-cash transaction for approximately $170 million. On September 14, 2009, Intuit Inc. agreed to acquire
Mint.com, a free online personal finance service, for $170 million.
2010s
On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions (which Intuit acquired in 2002) as a stand-alone company. The new company took on its previous moniker, and is now known as
MRI Software.
On May 21, 2010, Intuit acquired MedFusion, a Cary, NC leader of Patient to Provider communications for approximately $91 million. On August 10, 2010, it. acquired the personal finance management app Cha-Ching. On June 28, 2011, it acquired the Web banking technology assets of Mobile Money Ventures, a mobile finance provider, for an undisclosed amount. This acquisition is expected to position Intuit as the largest online and mobile technology provider to financial institutions.
On May 18, 2012, it. acquired Demandforce, an automated small business marketing, and customer communications SaaS provider for approximately $423.5 million.
On August 15, 2012, it announced an agreement to sell their 'Grow Your Business' business unit to
Endurance International. The sale included the Intuit Websites and Weblistings products which had been formed from the Homestead Technologies and StepUp Commerce acquisitions.
On July 1, 2013, it announced an agreement to sell their Intuit Financial Services (IFS) business unit (formerly known as Digital Insight) to
Thoma Bravo
Thoma Bravo, LP, is an American private equity and growth capital firm with offices in San Francisco, Chicago and Miami. It is known for being particularly active in acquiring software companies and has over $114 billion in assets under managem ...
for more than $1.03 billion. On August 19, 2013, it announced that they had sold their Intuit Health business unit (formerly known as MedFusion) back to MedFusion's founder,
Steve Malik Stephen Malik is the owner and chairman of North Carolina FC of United Soccer League and North Carolina Courage of National Women's Soccer League
The National Women's Soccer League (NWSL) is a professional women's soccer league at the top of t ...
.
In August 2013, Intuit Inc. acquired
tax planning software Good April for an undisclosed amount. On October 23, 2013, it acquired Level Up Analytics, a data consulting firm. On October 30, 2013,it acquired Full Slate, a developer of appointment scheduling software for small businesses.
In May 2014, Intuit Inc. bought Invitco to help bookkeepers put bill processing in the cloud. In May 2014, it acquired Check for approximately $360 million to offer bill pay across small business and personal finance products. In December 2014, it. acquired Acrede, UK-based provider of global, cross-border and cloud-based payroll services.
In March 2015, Intuit Inc. acquired Playbook HR.
In January 2016, Intuit Inc. announced an agreement to sell Demandforce to
Internet Brands
MH Sub I, LLC dba Internet Brands is an American new media company based in El Segundo, California, United States, that operates online media, community, and e-commerce sites in vertical markets. The company also develops and licenses inter ...
. On March 3, 2016, Intuit announced plans to sell Quicken to
H.I.G. Capital
H.I.G. Capital is a Miami, Florida–based private equity and alternative assets investment firm with $53 billion of equity capital under management. The firm operates a family of private equity, growth equity, credit/special situation, primary ...
. On March 8, 2016, it announced plans to sell Quickbase to private equity firm
Welsh, Carson, Anderson & Stowe.
On May 1, 2017, Intuit announced it was selling TruPay.
Intuit acquired Bankstream in 2017. On December 5, 2017, Intuit announced its acquisition of TSheets for $340 million.
2020s
On February 24, 2020, Intuit CEO and leader Sasan Goodarzi announced that it planned to acquire
Credit Karma
Credit Karma is an American multinational personal finance company founded in 2007, which has been a brand of Intuit since December 2020. It is best known as a free credit and financial management platform, but its features also include monitor ...
for $7.1 billion.
On August 3, 2020, Intuit announced its acquisition of
TradeGecko
TradeGecko is a Singapore based software-as-a-service company that develops online inventory and order management software targeted at SMEs.
TradeGecko provides an inventory management platform targeted at wholesalers and online retailers. The ...
for $100 million.
On September 13, 2021, Intuit announced its acquisition of
Mailchimp
Mailchimp is a marketing automation platform and email marketing service. "Mailchimp" is the trade name of its operator, Rocket Science Group, an American company founded in 2001 by Ben Chestnut and Mark Armstrong, with Dan Kurzius joining at ...
for $12 billion.
Lobbying
Intuit has lobbied extensively against the
IRS providing taxpayers with free pre-filled forms, as is the norm in developed countries.
In 2009, the ''
Los Angeles Times
The ''Los Angeles Times'' (abbreviated as ''LA Times'') is a daily newspaper that started publishing in Los Angeles in 1881. Based in the LA-adjacent suburb of El Segundo since 2018, it is the sixth-largest newspaper by circulation in the ...
'' reported that Intuit spent nearly $2 million in political contributions to eliminate free online state tax filing for low-income residents in California. According to the ''New York Times'', from 2009 to 2014, Intuit spent nearly $13 million lobbying, as reported by
OpenSecrets
OpenSecrets is a nonprofit organization based in Washington, D.C., that tracks data on campaign finance and lobbying. It was created from a merger of the Center for Responsive Politics (CRP) and the National Institute on Money in Politics (NIMP) ...
, as much as
Apple
An apple is an edible fruit produced by an apple tree (''Malus domestica''). Apple trees are cultivated worldwide and are the most widely grown species in the genus '' Malus''. The tree originated in Central Asia, where its wild ances ...
. Intuit spent $1 million on the race for the California state comptroller to support Tony Strickland, a Republican who opposed
ReadyReturn, against
John Chiang, a Democrat who supported ReadyRun (and won). Joseph Bankman, professor of tax law, Stanford Law School, and advocate of simplified filing, believes that the campaign warned politicians that if they supported free filing, Intuit would help their opponents.
[Would You Let the I.R.S. Prepare Your Taxes?](_blank)
Farhad Manjoo, New York Times, April 15, 2015
On March 26, 2013,
ProPublica
ProPublica (), legally Pro Publica, Inc., is a nonprofit organization based in New York City. In 2010, it became the first online news source to win a Pulitzer Prize, for a piece written by one of its journalists''The Guardian'', April 13, 2010 ...
reported that the company lobbied against return-free filing as recently as 2011.
One year later, ProPublica reported that the company appeared to be linked to a number of
op-ed
An op-ed, short for "opposite the editorial page", is a written prose piece, typically published by a North-American newspaper or magazine, which expresses the opinion of an author usually not affiliated with the publication's editorial board. ...
s and letters to
Congress
A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of ...
in a campaign advocating against direct tax filing backed by the
Computer & Communications Industry Association
The Computer and Communications Industry Association (CCIA) is an international non-profit advocacy organization based in Washington, DC, United States which represents the information and communications technology industries. According to their ...
, an advocacy organization of which Intuit is a member.
Lawsuits
An antitrust lawsuit and a class-action suit relating to
cold calling employees of other companies
were settled out of court along with
Apple
An apple is an edible fruit produced by an apple tree (''Malus domestica''). Apple trees are cultivated worldwide and are the most widely grown species in the genus '' Malus''. The tree originated in Central Asia, where its wild ances ...
and
Google
Google LLC () is an American Multinational corporation, multinational technology company focusing on Search Engine, search engine technology, online advertising, cloud computing, software, computer software, quantum computing, e-commerce, ar ...
.
In March 2015, ''
The Washington Post
''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large n ...
'' and computer reporter
Brian Krebs reported that two former employees alleged that Intuit knowingly allowed fraudulent returns to be processed on a massive scale as part of a revenue-boosting scheme. Both employees, former security team members for the company, stated that the company had ignored repeated warnings and suggestions on how to prevent fraud. One of the employees was reported to have filed a whistleblower complaint with the US Securities and Exchange Commission.
See also
*
Comparison of accounting software
*
APS Payroll
*
Automatic Data Processing (ADP)
*
H&R Block
H&R Block, Inc., or H&R Block, is an American tax preparation company operating in Canada, the United States, and Australia. The company was founded in 1955 by brothers Henry W. Bloch and Richard Bloch.
As of 2018, H&R Block operates approxima ...
*
Paychex
*
Paylocity Corporation
*
Reckon
Counting is the process of determining the number of elements of a finite set of objects, i.e., determining the size of a set. The traditional way of counting consists of continually increasing a (mental or spoken) counter by a unit for every ...
*
Square (payment service)
*
SurePayroll
Paychex, Inc. is an American provider of human resource, payroll, and benefits outsourcing services for small- to medium-sized businesses. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 6 ...
*
Sage Software
*
TaxACT
*
Xero
Xero may refer to:
*Xero (band), an Australian punk band
*Xero (company), a New Zealand financial software company
* ''Xero'' (film), an experimental 2010 German film
*Xero (Linkin Park), an early name for the band Linkin Park, as well as a demo ...
References
Citations
General references
* - recounts the early years of Intuit, including the aborted acquisition by Microsoft.
Intuit to Make Health 'Quicken'– Health Data Management, April 13, 2006
– ''San Jose Business Journal'', April 25, 2007
– review of QuickTax Business Incorporated 2007 and Business Unincorporated 2007
External links
*
{{Authority control
1983 establishments in California
1993 initial public offerings
American companies established in 1983
Companies based in Mountain View, California
Financial services companies established in 1983
Financial software companies
Software companies based in the San Francisco Bay Area
Software companies established in 1983
Software companies of the United States
Tax preparation companies of the United States