Kirkland Reps Thoma Bravo In $1B Intuit Carveout

Law360, New York (July 1, 2013, 1:22 PM EDT) -- Private equity firm Thoma Bravo LLC agreed Monday to buy the financial services division of Intuit Inc., which provides online and mobile banking software to banks, for about $1.025 billion.

The carveout creates a standalone company offering online banking, bill payment and customer rewards. Clients include Bank of America NA, BancorpSouth and smaller community banks and credit unions across the Midwest and Sun Belt.

Intuit will hold onto two businesses housed in the unit: personal finance tracker and Open Financial Exchange, a data service that...
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