Just over one year after Intuit announced the $170 million acquisition of Mint.com we are starting to see the synergies of the deal with the delivery of a new version of Quicken that includes features from the Mint.com PFM application. The new features simplifies the integration of transactions from multiple sources and improves the categorization of expenses. With the new release Intuit is protecting its PC based Quicken franchise estimated to be 12 million strong. Since acquiring Mint Intuit has migrated its Online Quicken users to Mint and Mint has continued to grow organically so they now have 4.2 million users.
Intuits goal is to compete across the board in the online banking and personal financial management market segments. In addition to Mint, Intuit acquired Digital Insight a hosted online banking solution focused on the community bank and credit union markets in November 2006. Digital Insight, recently renamed Intuit Financial Services, now holds the number three market share in online banking web sites and serves an estimated 1,400 bank customers and 9.2 million end users. Combined Intuits solutions are used by approximately 25 million users.
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