The software company Intuit Inc. agreed to purchase Mint.com in a cash transaction valued at approximately $170 million.
Intuit Inc. develops financial and tax preparation software and related services for small businesses, accountants and individuals. It is incorporated in Delaware and headquartered in Mountain View, California.
After the transaction is complete, Mint.com will become part of Intuit's Consumer Group. Intuit Inc. intends to keep both the Mint.com and Quicken Online offerings.
Aaron Patzer, Mint.com's founder and CEO will become GM of the Personal Finance group. The company expects the transaction to close during the fourth quarter of calendar year 2009.
The company said, following the closing of the transaction, it expects to reduce fiscal year 2010 non-GAAP earnings per share guidance by approximately 2 cents and GAAP earnings per share guidance by approximately 3 cents. The company does not expect the acquisition to have a material effect on fiscal 2011 earnings, according to RTTNews.