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Consortium of investors sells Mint Software to Intuit
Nov 03, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
An investor consortium has completed the sale of Mint Software, Inc., a provider of online personal money management solutions, to Intuit, Inc.
Intuit is a provider of business and financial management solutions for small and medium sized businesses.
Announcement (September 14, 2009):
An investor consortium is planning to sell Mint Software to Intuit. The transaction is valued at approximately $170 million in cash. All the parties involved in the transaction are based in the US.
The consortium of investors include venture capital firms DAG Ventures, LLC, Benchmark Capital, Shasta Ventures, First Round Capital, Sherpalo Ventures, Founders Fund Management, LLC, Hite Capital Management, LLC and Felicis Ventures LLC.
The transaction is expected to close during the fourth quarter of calendar year 2009.
Rumor (September 13, 2009):
According to TechCrunch, an investor consortium is planning to sell Mint Software to Intuit.
Latham & Watkins LLP is acting as legal advisor to Intuit and Credit Suisse Group is acting as advisor to Mint.
Deal Type Venture Finance
Sub-Category Exit
Deal Status Completed: 2009-11-02
Deal Participants
Target (Company) Mint Software, Inc.
Acquirer (Company) Intuit, Inc.
Deal Rationale
This acquisition would enhance Intuit's position as a provider of consumer SaaS offerings that connect customers across desktop, online, and mobile. The acquisition would also offer Intuit's financial institution clients the ability to strengthen their online offerings and deliver more value to their customers.
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