Thursday, November 30, 2006
Intuit Buys Digital Insight For $1.35B
Mountain View-based Intuit said this morning that it is in a definitive agreement to acquire Calabasas-based Digital Insight, a provider of online banking services for credit unions and banks, in a deal worth approximately $1.35 billion. According to Intuit, it will pay $39 per share in cash for each Digital Insight common share. Intuit said it will combine work flows in its financial management tools with the online banking capability offered by Digital Insight. The close is expected in the first quarter of 2007, and will be financed with up to $1B in debt financing. According to the firms, Digital Insight will continue to operate from its existing facilities in California and Georgia, as part of a new financial instutitions business division within Intuit.