Intuit to buy Mint, to make space for INTUIT 2.0?
gaurav bagdi
" Gaurav Bagdi is a 22 year old part time Blogger, Technical writer. Interested in day to day evolution in the field of technology. He’s the editor of Webketu - Technology Evolves. and owner of NetKetu. You can also catch him on twitter.”
So here is a news.
INTUIT, A software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals headquartered in Mountain View California,has agreed to acquire Mint, a San Francisco-based provider of online personal money management solutions. reported it at a price of approximately $170 million.
Founded in 2007, Mint offers free online tools for finance management. It allows users to link their bank accounts with their Mint account and have an easy way of overviewing their spending. It also analyzes the data and offers ways of cutting down on several related expenses. It claims it has found ways for its users to save a collective $300 million so far. It generates revenue by offering alternative services from financial institutions. It could also use the data it amassed to offer insights on what and how consumers are spending for any number of industries.
It has raised close to $32 million in funding in three rounds, most recently just last month, when it got $14 million from a number of existing and new investors. The latest round put the company at a reported valuation of $140 million. The site has around 1.4 million users and processes transactions worth $175 billion and assets worth $47 billion.
With the verge of loosing its shine, INTUIT had to take such a step to gain control of the ever growing market of Financial planning and Software with MINT is emerging as one of the Rising Armor in Personal Finance,could give it a sense of life and a new state of motivations.
Larry Dignan at Zdnet posted a quite a , putting some light on the move made by INTUIT could be counted as defensive move.
Mr.Larry Dignan made real sense with these words from the post,” Intuit’s move makes a ton of sense from a defensive standpoint, but when I see these deals I always have a mixed reaction. Wouldn’t it be far more interesting to see whether Mint could become Intuit 2.0? We’ll never find out now. Defensive acquisitions are just the normal course of business—Google, Yahoo, AOL and Microsoft have all acquired potential threats—but just once I’d love to see these potential competitors on the horizon get a little bigger just to see the competition play out. “
Well, we are too smart to roll out Defense as a reason on to the move, though we cannot really suggest anything as for now.
As mentioned above, Intuit’s move could also lead thinkers to believe they are in search of a “NEW LIFE”.
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