Thoma Bravo said Thursday it completed its buy of Intuit Financial Services, a division of Intuit Inc. Now called Digital Insight, the Menlo Park, Calif.-based company provides digital banking platform for 11 million users.
Menlo Park, Calif.–(August 1, 2013)–Thoma Bravo, a leading middle-market private equity firm, announced today it completed the previously announced acquisition of Intuit Financial Services, a division of Intuit, Inc., to form a stand-alone company that provides digital banking and payments capabilities to financial institutions. The transaction, valued at $1.025 billion, establishes a new company with a familiar name in banking, Digital Insight.
“We look forward to working with the Digital Insight management team to expand upon its industry leading products and solutions for financial institutions and grow the business organically and through strategic acquisitions,” said Orlando Bravo, a managing partner at Thoma Bravo. “As a stand-alone company, Digital Insight will be able to focus on providing an innovative digital banking platform and aggressively expand its customer base.”
Digital Insight, headquartered in Menlo Park, Calif., provides an integrated digital banking platform for 11 million users, widely recognized as one of the best in the market. Its mobile banking suite is the industry benchmark, with a 4.7+ app store rating and best in class user adoption of more than 4 million customers.
“This marks a new chapter for Digital Insight,” said Jose Resendiz, vice president, product management at Digital Insight. “We will remain focused on creating and delivering solutions that help mid-market financial institutions be at the center of improving their customers’ financial lives so bankers can engage in deep, profitable relationships. Working with Thoma Bravo enables us to further enhance our focus on meeting the business needs of financial institutions.”
As part of the transaction, Digital Insight reaffirmed its current product commitments to customers. The company also announced it will work with Intuit Inc. to continue supporting TurboTax for Online Banking to financial institutions.
“Thoma Bravo has a proven track record working with innovative software companies and the acquisition of Digital Insight marks our 27th platform company investment,” said Holden Spaht, partner at Thoma Bravo. “We look forward to applying Thoma Bravo’s strategy of business enhancements and add-on acquisitions to accelerate the company’s growth and extend its market leadership position.”
What’s In a Name?
Established in 1995, Digital Insight was a pioneering Internet banking provider. The company was purchased by Intuit Inc. in February 2007, and now is once again an independent company.
“After a thorough branding study, we chose a name that honors the history of Digital Insight, a brand synonymous with delivering value to financial institutions,” said Jennifer Lewis, vice president of marketing. “Still, this is not the old Digital Insight. It’s a company with some of the newest, flexible, service oriented architecture and a cloud-based infrastructure; industry leading mobile solutions; rich data sources that empower financial institutions to meet their customers unique needs; and— perhaps most important— an innovative and customer-driven company. Our new logo and brand visuals are designed to convey these strengths.”
About Digital Insight
Digital Insight helps banks and credit unions grow by offering innovative online and mobile banking solutions that make it easier for consumers and businesses to manage their money. Applying customer insights and innovation to design its products, Digital Insight provides solutions that help financial institutions achieve higher customer engagement and profitability.
About Thoma Bravo, LLC
Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm applies its own industry consolidation investment strategy and process, which seeks to create value by partnering with a company’s management to improve business operations and make strategic acquisitions that will accelerate growth. Thoma Bravo invests across multiple industries, with a particular focus on application and infrastructure software and financial and business services. The firm currently manages a series of private equity funds representing almost $4 billion of equity commitments. In software, Thoma Bravo has invested in 27 companies that have completed 62 add-on acquisitions to produce total annual earnings of approximately $1 billion. For more information, visit www.thomabravo.com.