Intuit, Inc. today announced it has acquired mobile Web banking technology assets from Mobile Money Ventures, or MMV, a leading global solutions provider of next-generation mobile financial solutions.
This transaction bolsters Intuit Financial Services' position as a leading online and mobile technology provider to financial institutions. Intuit will be able to directly manage customer support and will have full control over the design of its mobile Web banking solutions. The acquired assets will also help the company bring new innovations to financial institution customers faster.
Customers of more than 320 U.S. banks and credit unions actively use Intuit's existing mobile Web technology, which was provided by MMV. Intuit also provides text message and downloadable application solutions to enable financial institution customers to conduct their critical banking tasks from virtually any mobile phone.
"People and businesses are increasingly using mobile devices to get and manage financial information while on the go - they're always connected," said CeCe Morken, president of Intuit Financial Services and a vice president at Intuit. "This acquisition will help us more rapidly bring new solutions to market so financial institutions can deliver important insights and services when and where their customers need them."
Mobile Money Ventures, based in San Mateo, Calif., was formed in 2008 as a joint venture that combined the strengths of Citigroup, a leading, global financial services company, and SK Telecom Americas, an early-stage technology innovator. As an Intuit partner, MMV provided a proven mobile Web banking solution currently reaching more than 400,000 consumers. MMV's offering is optimized for all major handsets and screen sizes, making it right for all customers - regardless of their mobile device.
"MMV's mobile money platform provides customers with a seamless mobile connection to their online banking solution," said Gary Schofield, president and chief executive officer of MMV. "Through the successful joint venture of Citigroup and SK Telecom Americas, MMV has created the next-generation mobile financial services platform, providing customers anytime, anywhere access to their financial information on any device."
Intuit also gains a small team of employees with significant mobile expertise and a strong history of deploying mobile banking solutions to financial institutions. This team will continue to help existing and new customers on the mobile web banking platform.
This transaction is another step forward in Intuit's continuous innovation and strategic focus on driving growth through new mobile offerings. Representing one of the highest growth areas for Intuit, there is also significant opportunity for Intuit Financial Services' base of more than 1,800 financial institutions to expand their mobile offerings to keep up with customer demand.
Intuit signed and closed this transaction today. Terms of the transaction are not material to Intuit's financial results, and have not been disclosed.
About Intuit, Inc.
Intuit, Inc. (intuit.com) is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations.
About Mobile Money Ventures
MMV was formed in March 2008, a joint venture of Citi and SK Telecom. By combining the strengths of Citi, today's preeminent financial services company, and SK Telecom, the leader and pioneer in mobile financial services technology, MMV has created the next-generation mobile financial service solution that will accelerate the adoption of mobile financial services worldwide.
This news release includes forward-looking statements, which are subject to safe harbors created under the U.S. federal securities laws. All statements included in this press release that address activities, events or developments that Intuit expects, believes or anticipates will or may occur in the future are forward-looking statements, including, particularly, statements about the potential benefits of the proposed transaction to Intuit and IFS, the anticipated reach, capabilities and opportunities of Intuit following the acquisition, the ability of Intuit to bring new innovations to financial institutions faster, the ability to provide new services and products to customers, and the expected benefits to current and potential customers. All forward-looking statements are based on the opinions and estimates of Intuit's management at the time the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.
These risks and uncertainties include: the risk that the expected benefits of the acquisition are not realized; the risk that disruption from the transaction may make it more difficult to maintain relationships with customers, employees, partners or suppliers; the risk that future products and services may not be successful or achieve broad acceptance in our target markets; the risk that the target markets for our products and services will not grow as anticipated; and the risk that Intuit will not be able to successfully integrate the technology, services, and personnel. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2010 and in our other SEC filings. You can locate these reports through our website at investors.intuit.com. Forward-looking statements represent the judgment of the management of Intuit as of the date of this release, and Intuit disclaims any intent or obligation to update any forward-looking statements.
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