Intuit IOP

3/14/2020 Intuit - Wikipedia
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Intuit
Intuit Inc. is an American
Intuit Inc.
business and financial software
company that develops and sells
financial, accounting, and tax
preparation software and related
services for small businesses,
accountants, and individuals. The
company is headquartered in
Mountain View, California. As of
2019, more than 95% of its
revenues and earnings come from
its activities within the United
States.[3]
Intuit produces TurboTax, a The Intuit headquarters in Mountain View

consumer tax preparation Type Public
application, the small business Traded as NASDAQ: INTU (https://www.nasdaq.com/symbol/intu)
accounting program QuickBooks, NASDAQ-100 component
professional tax solutions S&P 500 Component
ProConnect Tax Online, ProSeries
ISIN US4612021034
and Lacerte, and multiple payroll
products. In April 2016, Intuit Industry Enterprise software
completed the sale of its original Founded 1983
flagship product, Quicken, to Palo Alto, California, U.S.
H.I.G. Capital.[4] Founder Scott Cook
Tom Proulx
Intuit, the maker of TurboTax, has
lobbied extensively against the IRS Headquarters Mountain View, California, U.S.
creating its own online system of Key people Brad Smith
tax filing (in most wealthy (Chairman)
countries, governments have Sasan Goodarzi
simplified tax filing for its citizens,
(President/CEO)
thus making software such as
TurboTax unnecessary for most Products Personal finance
citizens).[5][6] As part of an Accounting software
agreement with the IRS, TurboTax Tax return software
allows individuals making less Revenue US$ 6.784 billion (2019)
than $66,000 a year to use a free
Operating US$ 1.854 billion (2019)
version of TurboTax; a 2019 income
ProPublica investigation revealed Net income US$ 1.557 billion (2019)
that TurboTax deliberately makes
Total assets US$ 6.283 billion (2019)
this version hard to find and that it
https://en.wikipedia.org/wiki/Intuit 1/16
deceptively steers individuals who Total equity US$ 3.749 billion (2019)
search for the free version to Number of 9,400[1] (2019)
TurboTax versions that cost. [7] employees
TurboTax has tricked military Website Intuit.com (https://www.intuit.com/)
service members to pay to use the Footnotes / references
filing software by creating and [2]
promoting a "military discount"
and by making the free version hard to find when many service members are in fact eligible to use the
software for free.[8] Intuit is under investigation by multiple state attorneys general, as well as New
York's Department of Financial Services.[9][10] On February 24, 2020, Intuit announced that it was
purchasing Credit Karma for $7.1 billion dollars.[11][12]
Contents
History
Current products
International operations
Canada
Current products of Intuit Canada
Discontinued products of Intuit Canada
Online communities
Finances
Acquisitions and carve-outs
1990s
2000s
2010s
2020s
Lobbying
Awards
Lawsuits
See also
References
External links
History
The company was founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California.[13]
Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize that
personal computers would lend themselves towards replacements for paper-and-pencil based
personal accounting.[14] On his quest to find a programmer he ended up running into Tom Proulx at
Stanford. The two started Intuit, which initially operated out of a modest room on University Avenue
in Palo Alto. The first version of Quicken was coded in Microsoft's BASIC programming language for
the IBM PC and UCSD Pascal for the Apple II by Tom Proulx and had to contend with a dozen serious
competitors.
In 1991 Microsoft decided to produce a competitor to Quicken called Microsoft Money. To win
retailers' loyalty, Intuit included a US$15 rebate coupon, redeemable on software customers
purchased in their stores. This was the first time a software company offered a rebate.[15][16][17][18]
Roughly around the same time the company engaged John Doerr of Kleiner Perkins Caufield & Byers
and diversified its product lineup. In 1993 Intuit went public and used the proceeds to make a key
acquisition: the tax-preparation software company Chipsoft based in San Diego. The time after the
IPO was marked by rapid growth and culminated with a buyout offer from Microsoft in 1994; at this
time Intuit's market capitalization reached US$2 billion.
When the buyout fell through because of the United States Department of Justice's disapproval, the
company came under intense pressure in the late 1990s when Microsoft started to compete vigorously
with its core Quicken business.[19] In response, Intuit launched new web-based products and
solutions and put more emphasis on QuickBooks and on TurboTax. The company made a number of
investments around this time. Among others, it purchased a large stake in Excite and acquired
Lacerte Software, a Dallas-based developer of tax preparation software used by tax professionals. It
also divested itself of its online bill payment service unit and extended and strengthened its
partnership with CheckFree.
In June 2013, Intuit announced it would sell its financial services unit to private equity firm Thoma
Bravo for $1.03 billion.[20]
In June 2015, Intuit laid off approximately 5% of its workforce as part of a company
reorganization.[21]
As of May 2018, Intuit had more than US$5 billion in annual revenue and a market capitalization of
about US$50 billion.
In August 2018, CEO Brad D. Smith announced that he would step down as Intuit's CEO at the end of
2018. The company announced that Sasan Goodarzi would become Intuit's CEO at the beginning of
2019. Smith will remain chairman of Intuit's board of directors.[22]
Current products
TurboTax – offered in Basic, Standard, Premier, and Home & Business versions, as well as
TurboTax 20 for preparing multiple returns.[23]
Quickbooks – small business accounting and financial management software, offered in
EasyStart, Pro and Premier versions.
Quickbooks Online– web-based accounting software designed for companies to review
business financials through live data and insights to help make clear business decisions
Mint – web-based personal finance service
Proconnect – professional tax solutions including; ProConnect Tax Online, Lacerte, ProSeries
Professional, ProSeries Basic and EasyAcct.
credit karma - free access to your credit scores, reports and monitoring
International operations
Canada
Intuit Canada ULC, an indirect wholly owned subsidiary of Intuit, is a developer of financial
management and tax preparation software for personal finance and small business accounting.
Services are delivered on a variety of platforms including application software, software connected to
services, software as a service, platform as a service and mobile applications. Intuit Canada has
employees located all across Canada, with offices in Edmonton, Alberta, and Mississauga, Ontario.
Intuit Canada traces its origins to the 1993 acquisition by Intuit of a Canadian tax preparation
software developer. In 1992, Edmontonians and University of Alberta graduates Bruce Johnson and
Chad Frederick had built a tax preparation product called WINTAX – Canada's first Microsoft
Windows-based personal tax preparation software. In 1993, they agreed to be acquired by Chipsoft,
manufacturer of the U.S. personal income tax software TurboTax. Shortly after the WINTAX
acquisition, Chipsoft agreed to merge with Intuit, the developer of the Quicken financial software.[24]
Intuit Canada continued to update and support the WINTAX software, which was renamed QuickTax
in 1995 and then renamed TurboTax in 2010. Intuit Canada quickly became the hub for international
development at Intuit, producing localized versions of Quicken and QuickBooks for Canada (in
French and English) and the United Kingdom. The U.K. version of Quicken was discontinued in
2005.[25]
Current products of Intuit Canada

TurboTax (formerly QuickTax) – offered in Basic, Standard, Premier, and Home & Business
versions, as well as TurboTax 20 for preparing multiple returns.[26]
ImpôtRapide – French language version of TurboTax – offered in de base, de luxe, premier and
particuliers et entreprises versions.
TurboTax online – Online versions of Free, Student, Standard, Premier and Home & Business.
ImpôtRapide en ligne – Online versions of ImpôtRapide gratuit, étudiant, de luxe, premier and
particuliers et entreprises.
SnapTax – an iPhone app that allows users to complete their income tax return on their iPhone
TurboTax Refund Calculator – an iPad app that estimates tax returns and illustrates how
changes, such as having a baby, can impact your income tax return
QuickBooks – Small business accounting and financial management software, offered in
EasyStart, Pro and Premier versions.
QuickBooks Payroll Solutions – extends QuickBooks Pro and Premier into an in-house payroll
solution.
Intuit Merchant Service for QuickBooks – lets you process credit and debit transactions directly
in any version of QuickBooks.
QuickBooks Enterprise Solutions – for midsized companies that require more capacity,
functionality and support than is offered by traditional small business accounting software;
includes QuickBooks Payroll.
QuickBooks Online – an online small business accounting and financial management solution,
offered in EasyStart, Essentials and Plus versions.
Intuit GoPayment – process and receive payments on the go through your mobile device.
QuickBooks Succès PME – French language version of QuickBooks, offered in Succès PME,
Succès PME Pro, and Succès PME Premier versions
QuickBooks Succès PME Service de paie – French language version of the Payroll Solutions
Quicken – Personal financial management software, available in Cash Manager and Home &
Business versions
ProFile Basic and Premier Editions – Professional Tax Preparation Packages
Discontinued products of Intuit Canada

TaxWiz – Tax preparation software – company purchased in 2002, discontinued in 2007
WillExpert – Software package for preparing personal wills (for use within all of Canada with the
exception of Quebec, due to specific provincial legislation)
Note: In 2008, Intuit Canada discontinued the TaxWiz software and added QuickTax Basic to their
lineup. Changes made by the Canada Revenue Agency forced Intuit and other tax preparing software
companies to limit the number of returns available from their software to 20. This caused Intuit
Canada to stop offering QuickTax Pro50 and Pro100 products, and they now offer QuickTax 20 as an
alternative. Intuit Canada has since announced that for the 2010 tax year, they will discontinue use of
the name QuickTax and replace it with the name TurboTax – thus bringing the product in line with
Intuit's American tax-filing software.[27]
Online communities
Intuit has several online communities, some of which offer integration or cross-sells into other Intuit
products. QuickBooks online community for QuickBooks users and small business owners, Quicken
Online Community for Quicken users and those who need help with the personal finances, and the
Accountant Online Community and Jump Up. Each consists of blogs, an expert locator map and event
calendar, forums and discussion groups, podcasts, videocasts and webinars and other user created
content.
JumpUp (formerly JackRabbit Beta) is a free social networking and resources site for small business
owners and/or start-ups. Free tools and services include an interactive business planner, online
training for developing a successful business plan, starting costs calculator, cash flow calculator, break
even calculator, templates for business planning and sample business plans.
Intuitlabs.com is a website Intuit created to get new solutions into people's hands quickly. The early
versions of these products and services are called roughcuts, and they're offered for free so people try
them and give feedback to enable rapid improvement and make sure they solve real problems well.
TaxAlmanac is a free online tax research resource. Content on TaxAlmanac is written by tax
professionals from across the country and takes advantage of the knowledge of academia as well as
practitioners. The site includes key information including the Internal Revenue Code, Treasury
Regulations, Tax Court Cases, and a variety of articles.
Modeled after English Wikipedia, TaxAlmanac was launched in May 2005. The June 6, 2005 edition
of Time magazine featured an article entitled "It's a Wiki, Wiki World"[28] on English Wikipedia in
which TaxAlmanac was highlighted as "A Community of Customers". The November 21, 2005 edition
of Business Week[29] featured an article titled "50 Smart Ways to Use the Web" in which TaxAlmanac
was selected as one of the 50. TaxAlmanac made the short list as one of the 7 in the collaboration
category.
Intuit shut down TaxAlmanac effective June 1, 2014.[30] Many of the users have migrated to a new site
called TaxProTalk.com.[31]
Zipingo was a free website where users could rate services such as contractors, restaurants, and other
businesses. Ratings and comments were either entered from the website or through Quicken and
QuickBooks. The site was closed by Intuit on August 23, 2007.[32]
Finances
For the fiscal year 2018, Intuit reported earnings of US$1.211 billion, with an annual revenue of
US$5.964 billion, an increase of 15.2% over the previous fiscal cycle. Intuit's shares traded at over
$194 per share, and its market capitalization was valued at over US$55 billion in November 2018.
Revenue Net income Total Assets Price per Share

Year Employees
in mil. USD$ in mil. USD$ in mil. USD$ in USD$
2005[33] 1,993 382 2,716 20.90
2006[34] 2,293 417 2,770 27.15
2007[35] 2,673 440 4,252 27.52
2008[36] 2,993 477 4,667 25.51
2009[37] 3,109 447 4,826 25.23
2010[38] 3,403 574 5,198 36.26
2011[39] 3,449 634 5,110 46.85
2012[40] 3,808 792 4,684 54.68
2013[41] 3,946 858 5,486 61.67 8,000
2014[42] 4,243 907 5,201 77.91 8,000
2015[43] 4,192 365 4,968 93.97 7,700
2016[44] 4,694 979 4,250 104.02 7,900
2017[45] 5,177 971 4,068 133.65 8,200
2018[46] 5,964 1,211 5,178 194.12 8,900
2019[47] 6,784 1,557 6,283 277.31 9,400
Acquisitions and carve-outs
1990s
In 1993, Intuit acquired Chipsoft, a tax preparation software company based in San Diego.
In 1994, Intuit acquired the tax preparation software division of Best Programs of Reston, VA.[48] In
the same year, Intuit acquired Parsons Technology from Bob Parsons for $64 million.[49]
In 1996, Intuit acquired GALT Technologies, Inc of Pittsburgh, PA.[50]
In 1998, Intuit acquired Lacerte Software Corp., which now operates as an Intuit subsidiary.[51] The
Lacerte subsidiary focuses on tax software used by professional accountants who prepare taxes for a
living. It is generally used by larger firms with more complex workflows and clients.
On March 2, 1999, Intuit acquired Computing Resources Inc. for approximately $200 million. This
acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software
program.[52] In December 1999, Intuit purchased Rock Financial for a sum of $532M. The company
was renamed Quicken Loans. In June 2002, Rock Financial founder Dan Gilbert led a small group of
private investors in purchasing the Quicken Loans subsidiary back from Intuit.[53]
2000s
2001, Intuit invests in UK market hiring local management team led by Stephen Lee, Managing
Director & Neil Atkins, Marketing Director with an aim to become Europe's leading B2B & B2C
packaged accounts solution.
In 2002, Intuit acquired Management Reports International, a Cleveland-based real estate

management software firm. The firm was renamed Intuit Real Estate Solutions (IRES) and offers real
estate management solutions for Windows and the web.
In 2003, Intuit Inc. acquired 'Innovative Merchant Solutions' (IMS). IMS provided merchant services
to all types of businesses nationwide. The acquisition gave Intuit the ability to process credit cards
through their core product, QuickBooks, without the need of hardware leasing. They can also provide
traditional terminal based credit card processing and downloading transactions directly into the
QuickBooks software.
In November 2005, Intuit acquired MyCorporation.com, an online business document filing service,
for $20 million from original founders Philip and Nellie Akalp.[54]
In September 2006, Intuit acquired StepUp Commerce, an online localized product listing syndicator,
for $60 million in cash.[55]
In December 2006, Intuit acquired Digital Insight, a provider of online banking services.[56][57]
In December 2007, Intuit acquired Electronic Clearing House[58] to add check processing power.
In December 2007, Intuit acquired Homestead Technologies [59] which offers web site creation and e-
commerce tools targeted at the small business market, for $170 million.
In April 2009, Intuit acquired Boorah, a restaurant review site.[60]
On June 2, 2009, Intuit Inc. announced the signing of a definitive agreement to purchase PayCycle
Inc., an online payroll services, in an all-cash transaction for approximately $170 million.[61]
On September 14, 2009, Intuit Inc. agreed to acquire Mint.com, a free online personal finance service,
for $170 million.[62][63]
2010s
On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions (which Intuit acquired in 2002)
as a stand-alone company.[64] The new company took on its previous moniker, and is now known as
MRI Software.[65]
On May 21, 2010, Intuit Inc. acquired MedFusion, a Cary, NC leader of Patient to Provider
communications for approximately $91 million.[66]
On August 10, 2010, Intuit Inc. acquired the personal finance management app Cha-Ching.[67]
On June 28, 2011, Intuit Inc. acquired the Web banking technology assets of Mobile Money Ventures,
a mobile financial solutions provider, for an undisclosed amount. This acquisition is expected to
position Intuit as the largest online and mobile technology provider to financial institutions.[68]
On May 18, 2012 Intuit Inc. acquired Demandforce, an automated small business marketing and
customer communications SaaS provider for approximately $423.5 million.[69]
On August 15, 2012 Intuit, Inc, announced an agreement to sell their 'Grow Your Business' business
unit to Endurance International. The carve out included the Intuit Websites and Weblistings products
which were formed from the Homestead Technologies and StepUp Commerce acquisitions.[70][71]
On July 1, 2013 Intuit announced an agreement to sell their Intuit Financial Services (IFS) business
unit (formerly known as Digital Insight) to Thoma Bravo for more than $1.03 billion.[72]
On August 19, 2013 Intuit announced that they had sold their Intuit Health business unit (formerly
known as MedFusion) back to MedFusion's founder, Steve Malik.[73]
In August 2013, Intuit Inc. acquired tax planning software Good April for an undisclosed amount.[74]
On October 23, 2013 Intuit acquired Level Up Analytics, a data consulting firm.[75]
On October 30, 2013, Intuit Inc. acquired Full Slate, a developer of appointment scheduling software
for small businesses.[76]
In May 2014, Intuit Inc. bought Invitco to help bookkeepers put bill processing in the cloud.[77]
In May 2014, Intuit Inc. acquired Check for approximately $360 million to offer bill pay across small
business and personal finance products.[78]
In December 2014, Intuit Inc. acquired Acrede, UK-based provider of global, cross-border and cloud-
based payroll services.[79]
In March 2015, Intuit Inc. acquired Playbook HR.[80]
In January 2016, Intuit Inc. announced an agreement to sell Demandforce to Internet Brands.[81]
On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital.[82]
On March 8, 2016, Intuit announced plans to sell Quickbase to private equity firm Welsh, Carson,
Anderson & Stowe.[83]
On May 1, 2017 Intuit announced to sell TruPay.
Intuit acquired Bankstream in 2017.
On December 5, 2017 Intuit announced its acquisition of TSheets for $340 million.[84]
2020s
On February 24, 2020, Intuit announced that it planned to acquire Credit Karma for $7.1 billion.[85]
Lobbying
In 2007, Intuit lobbied to make sure taxpayers cannot electronically file their tax returns directly to
the IRS by negotiating a deal preventing the IRS from setting up its own web portal for e-filing.[86]
In 2009, the Los Angeles Times reported that Intuit spent nearly $2 million in political contributions
to eliminate free online state tax filing for low income residents in California.[87] According to the
New York Times, from 2009–2014, Intuit spent nearly $13 million lobbying, as reported by Open
Secrets, as much as Apple. Intuit spent $1 million on the race for state comptroller to support Tony
Strickland, a Republican who opposed ReadyReturn, against John Chang, a Democrat who supported
ReadyRun (and won). Joseph Bankman, professor of tax law, Stanford Law School, and advocate of
simplified filing, believes that the campaign warned politicians that if they supported free filing, Intuit
would help their opponents.[88][89]
On March 26, 2013, ProPublica reported that the company lobbied against return-free filing as
recently as 2011.[90] One year later, ProPublica reported that the company appeared to be linked to a
number of op-eds and letters to Congress in a campaign advocating against direct tax filing backed by
the Computer & Communications Industry Association, an advocacy organization of which Intuit is a
member.[91]
Awards
In October 2008, Intuit's Canadian subsidiary Intuit Canada was named one of Alberta's Top
Employers by Mediacorp Canada Inc., which was announced by the Calgary Herald[92] and the
Edmonton Journal.[93][94]
Lawsuits
An antitrust lawsuit and a class-action suit relating to cold calling employees of other companies were
settled out of court.[95]
Allegations of Willfully Allowing Fraudulent Returns
In March 2015, both the Washington Post, and computer reporter Brian Krebs, reported that two
former employees alleged that Intuit knowingly allowed fraudulent returns to be processed on a
massive scale as part of a revenue boosting scheme. Both employees, former security team members
for the company, stated that the company had ignored repeated warnings and suggestions on how to
prevent fraud. One of the employees was reported to have filed a whistleblower complaint with the US
Securities and Exchange Commission.[96][97]
See also
Comparison of accounting software
APS Payroll
Automatic Data Processing (ADP)
H&R Block
TaxACT
Paychex
Paylocity Corporation
Square (payment service)
SurePayroll
Sage Software
Xero
Reckon
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General
Taylor, Suzanne E. (2003). Inside Intuit: How the Makers of Quicken Beat Microsoft and
Revolutionized an Entire Industry (https://archive.org/details/inideintuithowma00tayl). Boston,
Mass.: Harvard Business School Press. ISBN 978-1-59139-136-4. - recounts the early years of
Intuit, including the aborted acquisition by Microsoft.
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m?articleId=13303) – Health Data Management, April 13, 2006
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7/04/23/daily35.html?from_rss=1) – San Jose Business Journal, April 25, 2007
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– review of QuickTax Business Incorporated 2007 and Business Unincorporated 2007
External links
Official website (http://www.intuit.com/)
Business data for Intuit: Google Finance (https://www.google.com/finance?q=INTU) · Yahoo!
Finance (https://finance.yahoo.com/q?s=INTU) · SEC filings (https://www.sec.gov/cgi-bin/browse-
edgar?action=getcompany&CIK=INTU)
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3/14/2020 Intuit - Wikipedia

Coordinates: 37°25′38″N 122°5′47″W

Intuit produces TurboTax, a The Intuit headquarters in Mountain View

Current products of Intuit Canada

Discontinued products of Intuit Canada

Revenue Net income Total Assets Price per Share

2005[33] 1,993 382 2,716 20.90

2006[34] 2,293 417 2,770 27.15

2007[35] 2,673 440 4,252 27.52

2008[36] 2,993 477 4,667 25.51

2009[37] 3,109 447 4,826 25.23

2010[38] 3,403 574 5,198 36.26

2011[39] 3,449 634 5,110 46.85

2012[40] 3,808 792 4,684 54.68

2013[41] 3,946 858 5,486 61.67 8,000

2014[42] 4,243 907 5,201 77.91 8,000

2015[43] 4,192 365 4,968 93.97 7,700

2016[44] 4,694 979 4,250 104.02 7,900

2017[45] 5,177 971 4,068 133.65 8,200

2018[46] 5,964 1,211 5,178 194.12 8,900

2019[47] 6,784 1,557 6,283 277.31 9,400

Acquisitions and carve-outs

In 1996, Intuit acquired GALT Technologies, Inc of Pittsburgh, PA.[50]

In 2002, Intuit acquired Management Reports International, a Cleveland-based real estate

In April 2009, Intuit acquired Boorah, a restaurant review site.[60]

In March 2015, Intuit Inc. acquired Playbook HR.[80]

On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital.[82]

On May 1, 2017 Intuit announced to sell TruPay.

Intuit acquired Bankstream in 2017.

Allegations of Willfully Allowing Fraudulent Returns

51. "Lacerte Software Corporation: Private Company Information – BusinessWeek" (http://investing.b

Retrieved from "https://en.wikipedia.org/w/index.php?title=Intuit&oldid=943794234"

This page was last edited on 3 March 2020, at 23:25 (UTC).

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