Intuit Inc. (NASDAQ:INTU) today announced that it has completed its acquisition of the remaining shares of Venture Finance Software Corp. (VFSC), a privately held joint venture company in which Intuit had previously been a minority investor.
VFSC, based in Mountain View, Calif., has developed technology that has enabled Intuit to move the functionality of its Quicken desktop software onto the Web. With this technology, Intuit has been able to offer consumers an intuitive service through which they can easily view and pay their bills online, as well as tools that enable them to monitor and manage their personal finances and investment portfolios online. VFSC had licensed its technology to Intuit to provide these services through Quicken and Quicken.com.
Intuit acquired all outstanding shares of VFSC in a cash transaction, which closed yesterday and was valued at approximately $115 million. The purchase price was based on a formula that was negotiated at the time of Intuit's original investment in VFSC in May 1998. VFSC will become part of Intuit's consumer finance division.
