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Intuit sells Quicken to private equity firm in management buyout

Gregg Keizer | March 7, 2016
33-year-old personal finance software will be bolstered by more Mac development, improvements in reliability on Windows, says current Quicken manager.

"Like many other Quicken users, I ran into problems with Quicken 2016," complained someone identified only as "John" last month on "Quicken has the worst customer service of any major company with which I have had to deal. Their representatives are uninformed and untrained in the most simple issues."

The sale was a management buyout: Dunn confirmed that he was a "significant personal investor in the transaction." How that will work out over the long term was, not surprisingly, unclear.

Typically, a private equity firm that has partly financed a management buyout -- in such deals, managers are required to make personal investments to guarantee that they have a vested interest in success -- wants out after several years to recoup their investment and, assuming the transition has worked, to take a profit. At that point, the firm may be in the hands of management; or the equity firm's stake could be sold to another buyer or investor.

H.I.G Capital has invested in other software or software-based services recently. In January, H.I.G. was among the investors that bankrolled the purchase of, a Wellesley, Mass. firm that focuses on employee compensation data, software and services. That was a management buyout as well:'s founders bought the company from IBM, which had acquired it in 2012 as part of a larger purchase of Kenexa.

The Quicken sale is expected to close by April 30.


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