Intuit buys Digital Insight for £729m

Intuit is to acquire Digital Insight for around $1.35bn (£729m) to become a major player in online banking services.

Intuit is to acquire Digital Insight for around $1.35bn (£729m) to become a major player in online banking services.

Digital Insight specialises in online banking, while Intuit is a leading provider of financial management software to millions of small businesses and consumers.

Together, the combined companies will serve more than 5,000 financial institutions, nearly 25 million consumers and nearly seven million small businesses.

"The combination of two industry leaders will put Intuit in an excellent position to bring a new generation of online banking solutions to market in a way that will redefine the way small businesses and consumers manage their financial lives," said Steve Bennett, Intuit chief executive officer.

With the acquisition, Intuit will be able to combine work flows in its financial management tools with online banking capabilities offered by Digital Insight, to create new, easier, and better-value offerings for consumers and small businesses, said Intuit.

Following the closing of the acquisition, Digital Insight's business operations will continue to operate from its existing facilities in California and Georgia.

The Digital Insight business operations will establish the foundation for a newly formed financial institutions business division within Intuit.

Intuit expects to close the deal in the first quarter of next year.

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