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Best known for its tax preparation software used by millions of Americans each spring, Intuit is one of the nation’s largest financial software companies, but that’s not all it does.
The company was founded in 1983 when Scott Cook left his job at Procter & Gamble after realizing the future of personal accounting wasn’t pen and paper, but instead ones and zeros, and teamed up with Tom Proulx — a programmer he met at Stanford.
The newly-created, Palo Alto-based venture faced still competition out of the gates including Microsoft’s own Microsoft Money software. However, it wasn’t long until Microsoft was approaching Cook and Proulx to buy their company.
Intuit went public in 1993 and just one year later Microsoft offered the rising software company, then worth around $2 billion, a buyout. The deal eventually fell through and Intuit doubled down on its QuickBooks and TurboTax products, a move which has paid off as the company now is worth over $50 billion with operations around the world.
Along the way Inuit has made key acquisitions to get it where it needed to be from its first acquisition, tax preparation software company Chipsoft in 1993, to its $12 billion acquisition of email marketing automation platform Mailchimp in September 2021.
After the news broke that Intuit has bought Mailchimp, we got curious. What companies does Intuit own?
Lacerte Software Corp
Intuit acquired Lacerte Software Corp. in 1998. The company operates as a subsidiary of Intuit and focuses on developing tax software for professional accountants at larger firms.
Mint was founded by Aaron Patzer in 2006 as an alternative to Intuit’s Quicken platform. The website was acquired by Intuit just a couple of years later for $170 million and now provides consumers with a personal financial management website and mobile app to allow users to track bank, credit card, investment, and loan balances and transactions in a single user interface. Currently run by SVP & GM Varun Krishna, the company’s tools also allow users to create budgets and set financial goals.
Founded by three New Zealanders (Cameron Priest, Bradley Priest, and Carl Thompson) in 2012, TradeGecko was acquired by Intuit in August 2020 for $100 million and renamed QuickBooks Commerce shortly afterwards. The Singapore-based, software-as-a-service company develops online inventory and order management software. Its cloud-based commerce platform has been used to transact over $3.7 billion worth of goods in over 100 countries.
Credit Karma, founded in 2007, was Intuit’s next major acquisition. The multinational personal finance company, best known for its free credit and financial management platform, was bought by Intuit in December 2020 for $7 billion.
Mailchimp is the latest acquisition by Intuit and its most costly at $12 billion. The marketing automation platform and email marketing service was founded in 2001 by Ben Chestnut, Mark Armstrong, and Dan Kurzius. The company currently serves over 2.4 million monthly active users, including 800,000 paying customers. On the surface, the acquisition doesn’t totally fit in line with Intuit’s financial tools but once integrated with software like QuickBooks, Intuit can give small-business owners to do almost everything they need to run their companies all in one place — from creating and online stores and ads to managing payroll and sending invoices to customers.