Private equity firm Thoma Bravo announced the completion of its purchase of Intuit Financial Services. The latter was a division of Intuit Inc. The acquisition paved the way for the re-creation of Digital Insight, a company that gives online and mobile banking solutions for banks and credit unions. Digital Insight enables financial institutions to engage their customers better by offering easy and innovative ways to manage their money. The deal was vaued at USD 1.025 billion.
Digital Insight, however, is not a new name in banking. It was established in 1995 but was acquired by Intuit Inc. in February 2007. The recent transaction has once again made it an independent firm.
Vice President of Product Management at Digital Insight Jose Resendiz said this is a new chapter for their company. "We will remain focused on creating and delivering solutions that help mid-market financial institutions be at the center of improving their customers' financial lives so bankers can engage in deep, profitable relationships. Working with Thoma Bravo enables us to further enhance our focus on meeting the business needs of financial institutions," he said.
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