Intuit wraps up sales, unloads QuickBase to private equity firm

Intuit yesterday said it had sold its QuickBase unit, the third group it's unloaded since January, to a New York private equity firm.

Financial terms of the deal were not disclosed.

QuickBase -- a platform for creating data-driven, cloud-based apps for small and mid-sized businesses -- will be acquired by Welsh, Carson, Anderson & Stowe, which specializes in technology and health care. QuickBase, headquartered in Cambridge, Mass., will remain there, the equity firm said in a statement.

QuickBase was the final unit sold of the three that Intuit identified last year as on the block. Intuit sold Demandforce in January and, just last week, announced the sale of its original product -- the Quicken personal finance software -- to H.I.G. Capital, another private equity firm.

Last summer, Intuit's CEO Brad Smith contended that Quicken, QuickBase and Dreamforce no longer fit the company's strategy, which aims at cloud-based subscription services. Intuit's two biggest money makers -- QuickBooks and TurboTax -- will be retained.

QuickBase generated more revenue than Quicken, the 33-year-old program that started Intuit: In the 2015 fiscal year, QuickBase brought in over $70 million, while Quicken's revenue line for the same period was $51 million.

The QuickBase deal is expected to close by the end of June.

IDG Insider


« Mac ransomware KeRanger has flaws that could let users recover files


Red Hat Linux to run on Qualcomm server chips »
IDG News Service

The IDG News Service is the world's leading daily source of global IT news, commentary and editorial resources. The News Service distributes content to IDG's more than 300 IT publications in more than 60 countries.

  • Mail


Do you think your smartphone is making you a workaholic?