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Intuit sells financial services business

[July 02, 2013]  NEW YORK (AP) -- Intuit is selling a division that provides software to financial institutions in a deal worth about $1.03 billion so that it can better focus on its businesses that deal directly with consumers and small businesses.

Intuit Inc., based in Mountain View, Calif., makes Turbo Tax and other personal finance software.

The buyer, private equity firm Thoma Bravo, said Monday that it sees continued growth in mobile banking software.

Intuit Inc. plans to use proceeds from the sale to speed up the repurchase of its stock.

In fiscal 2012, the financial services business, excluding the services that will stay with the company, contributed about $305 million in revenue. In fiscal 2013, they're expected to contribute about $325 million.

The all-cash deal will likely close in the next few months.

[Associated Press]

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