History of Intuit in Timeline
Intuit Inc. is a multinational corporation specializing in financial software. Headquartered in Mountain View, California, and led by CEO Sasan Goodarzi, Intuit's major products include TurboTax, QuickBooks, Credit Karma, and Mailchimp. The company generates the vast majority of its revenue within the United States. Intuit is publicly traded on Nasdaq and included in the Nasdaq-100, S&P 100, and S&P 500 stock market indices, reflecting its significant market capitalization.
1983: Intuit Founded
In 1983, Intuit was founded by Scott Cook and Tom Proulx in Palo Alto, California.
1991: Microsoft Enters the Market and Intuit Offers Rebates
In 1991, Microsoft decided to produce Microsoft Money, a competitor to Quicken. To secure retailer loyalty, Intuit introduced a US$15 rebate coupon for software purchases, a first for the industry. John Doerr of Kleiner Perkins was engaged around the same time and Intuit diversified its product lineup.
March 12, 1993: Intuit Goes Public
On March 12, 1993, Intuit went public with an initial public offering (IPO) on the NASDAQ stock exchange under the ticker symbol INTU.
1993: Intuit Acquires Chipsoft
In 1993, Intuit acquired Chipsoft, a U.S. tax preparation software company. Shortly after the WINTAX acquisition, Chipsoft agreed to merge with Intuit, the developer of the Quicken financial software.
1994: Intuit Acquires Tax Preparation Software Division and Parsons Technology
In 1994, Intuit acquired the tax preparation software division of Best Programs of Reston, VA and Parsons Technology from Bob Parsons for $64 million.
1994: Microsoft's Buyout Offer Blocked
In 1994, Intuit's market capitalization reached US$2 billion, leading to a buyout offer from Microsoft. However, the United States Department of Justice sued to block the acquisition.
1995: WINTAX Renamed QuickTax
In 1995, Intuit Canada updated and supported the WINTAX software, renaming it QuickTax.
1996: Intuit Acquires GALT Technologies, Inc.
In 1996, Intuit acquired GALT Technologies, Inc of Pittsburgh, PA.
1998: Intuit Acquires Lacerte Software Corp.
In 1998, Intuit acquired Lacerte Software Corp., which focuses on tax software used by professional accountants.
March 2, 1999: Intuit Acquires Computing Resources Inc.
On March 2, 1999, Intuit acquired Computing Resources Inc. of Reno, Nevada for approximately $200 million. This acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software program.
December 1999: Intuit Purchases Rock Financial (Quicken Loans)
In December 1999, Intuit purchased Rock Financial for $532M, later renamed Quicken Loans.
2001: Intuit Invests in UK Market
In 2001, Intuit invested in UK market with the aim to become Europe's leading B2B & B2C packaged accounts solution.
June 2002: Rock Financial (Quicken Loans) Purchased Back from Intuit
In June 2002, Rock Financial founder Dan Gilbert led a private investor group in purchasing the Quicken Loans subsidiary back from Intuit.
2002: Intuit Acquires Management Reports International and Eclipse ERP
In 2002, Intuit acquired Management Reports International, renaming it Intuit Real Estate Solutions (IRES), and also acquired Eclipse ERP for $88 million, a real-time transaction processing accounting software.
2003: Intuit Acquires 'Innovative Merchant Solutions' (IMS)
In 2003, Intuit acquired 'Innovative Merchant Solutions' (IMS), enabling credit card processing through QuickBooks without hardware leasing.
April 2005: Intuit India Established in Bangalore
In April 2005, Intuit India, a fully-owned subsidiary of Intuit, Inc., was established in Bangalore, India.
May 2005: TaxAlmanac Launched
Modeled after English Wikipedia, TaxAlmanac was launched in May 2005.
June 6, 2005: Time Magazine Highlights TaxAlmanac
The June 6, 2005 edition of Time magazine featured an article entitled "It's a Wiki, Wiki World" about English Wikipedia in which TaxAlmanac was highlighted as "A Community of Customers".
November 2005: Intuit Acquires MyCorporation.com
In November 2005, Intuit acquired MyCorporation.com, an online business document filing service, for $20 million.
November 21, 2005: Business Week Selects TaxAlmanac as a Smart Way to Use the Web
The November 21, 2005 edition of Business Week featured an article titled "50 Smart Ways to Use the Web" in which TaxAlmanac was selected as one of the 50.
2005: U.K. Version of Quicken Discontinued
In 2005, the U.K. version of Quicken was discontinued by Intuit Canada.
September 2006: Intuit Acquires StepUp Commerce
In September 2006, Intuit acquired StepUp Commerce, an online localized product listing syndicator, for $60 million in cash.
December 2006: Intuit Acquires Digital Insight
In December 2006, Intuit acquired Digital Insight, a provider of online banking services.
August 17, 2007: Intuit Sells Eclipse ERP to Activant
On August 17, 2007, Intuit sold Eclipse ERP to Activant for $100.5 million in cash.
August 23, 2007: Zipingo Website Closed by Intuit
On August 23, 2007, Intuit closed the Zipingo website, where users could rate services such as contractors, restaurants, and other businesses.
December 2007: Intuit Acquires Electronic Clearing House and Homestead Technologies
In December 2007, Intuit acquired Electronic Clearing House to expand its check processing capabilities and also acquired Homestead Technologies, a provider of website creation and e-commerce tools for small businesses, for $170 million.
December 2008: Intuit Acquires Entellium
In December 2008, Intuit acquired Entellium, a bankrupt software company that specialized in on-demand customer relationship management (CRM) software.
2008: Intuit Canada Discontinues TaxWiz and Adds QuickTax Basic
In 2008, Intuit Canada discontinued the TaxWiz software and added QuickTax Basic to their lineup.
April 2009: Intuit Acquires Boorah
In April 2009, Intuit acquired Boorah, which is a restaurant review site.
June 2, 2009: Intuit to Purchase PayCycle Inc.
On June 2, 2009, Intuit announced a definitive agreement to acquire PayCycle Inc., an online payroll services provider, for approximately $170 million in an all-cash transaction.
August 2009: Intuit Money Manager Beta Version Launched
The beta version of Intuit Money Manager was launched through MoneyControl in the last week of August 2009.
September 14, 2009: Intuit to Acquire Mint.com
On September 14, 2009, Intuit Inc. agreed to acquire Mint.com, a free online personal finance service, for $170 million.
Dec 2009: Intuit Partners with Moneycontrol.com to Provide Financial Solutions in India
In Dec 2009, Intuit Inc. and Web 18's moneycontrol.com announced a three-year partnership to provide a new financial management tool to Indian consumers.
2009: Intuit's Political Contributions to Eliminate Free Tax Filing
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.
January 15, 2010: Intuit Spins Off Intuit Real Estate Solutions
On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions (acquired in 2002) as a stand-alone company, which reverted to its original name, MRI Software.
May 21, 2010: Intuit Acquires MedFusion
On May 21, 2010, Intuit acquired MedFusion, a provider of patient-to-provider communications based in Cary, NC, for approximately $91 million.
August 10, 2010: Intuit Acquires Cha-Ching
On August 10, 2010, Intuit acquired the personal finance management app Cha-Ching.
June 28, 2011: Intuit Acquires Web Banking Technology Assets of Mobile Money Ventures
On June 28, 2011, Intuit acquired the Web banking technology assets of Mobile Money Ventures, a mobile finance provider, for an undisclosed amount, positioning Intuit as a major online and mobile technology provider to financial institutions.
2011: Intuit Lobbies Against Return-Free Filing
As reported by ProPublica on March 26, 2013, Intuit lobbied against return-free filing in 2011.
May 18, 2012: Intuit Acquires Demandforce
On May 18, 2012, Intuit acquired Demandforce, an automated small business marketing and customer communications SaaS provider, for approximately $423.5 million.
August 15, 2012: Intuit Sells 'Grow Your Business' Unit
On August 15, 2012, Intuit announced an agreement to sell its 'Grow Your Business' business unit to Endurance International, including Intuit Websites and Weblistings products formed from the Homestead Technologies and StepUp Commerce acquisitions.
March 26, 2013: ProPublica Reports Intuit Lobbied Against Return-Free Filing
On March 26, 2013, ProPublica reported that Intuit lobbied against return-free filing as recently as 2011.
June 2013: Intuit to Sell Financial Services Unit
In June 2013, Intuit announced its plan to sell its financial services unit to Thoma Bravo, a private equity firm, for $1.03 billion.
July 1, 2013: Intuit to Sell Intuit Financial Services (IFS) Business Unit
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.
August 2013: Intuit Acquires Good April
In August 2013, Intuit Inc. acquired tax planning software Good April for an undisclosed amount.
August 19, 2013: Intuit Sells Intuit Health Business Unit Back to Founder
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.
October 23, 2013: Intuit Acquires Level Up Analytics
On October 23, 2013, Intuit acquired Level Up Analytics, a data consulting firm.
October 30, 2013: Intuit Acquires Full Slate
On October 30, 2013, Intuit acquired Full Slate, a developer of appointment scheduling software for small businesses.
November 2013: Intuit Acquires Prestwick Services, LLC
In November 2013, Intuit acquired Prestwick Services, LLC, and incorporated TruPay into its Employee Management Solutions Division.
May 2014: Intuit Acquires Invitco and Check
In May 2014, Intuit Inc. bought Invitco to enhance bill processing in the cloud for bookkeepers. Also in May 2014, it acquired Check for approximately $360 million to offer bill pay across small business and personal finance products.
June 1, 2014: Intuit Archives TaxAlmanac
Intuit archived TaxAlmanac effective June 1, 2014. Many of the users have migrated to a new site called TaxProTalk.com.
June 2014: TaxAlmanac Archived
TaxAlmanac was archived in June 2014, meaning the existing content can be accessed and viewed but no new posts or comments can be made after this date.
December 2014: Intuit Acquires Acrede
In December 2014, Intuit Inc. acquired Acrede, a UK-based provider of global, cross-border, and cloud-based payroll services.
2014: Intuit's Lobbying Expenses
According to the New York Times, from 2009 to 2014, Intuit spent nearly $13 million lobbying, as reported by OpenSecrets, as much as Apple.
March 2015: Intuit Acquires Playbook HR
In March 2015, Intuit Inc. acquired Playbook HR.
March 2015: Allegations of Fraudulent Returns
In March 2015, The Washington Post and Brian Krebs reported that two former Intuit employees alleged that the company knowingly allowed fraudulent returns to be processed on a massive scale as part of a revenue-boosting scheme.
January 2016: Intuit Announces Agreement to Sell Demandforce
In January 2016, Intuit Inc. announced an agreement to sell Demandforce to Internet Brands.
March 3, 2016: Intuit Plans to Sell Quicken
On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital.
March 8, 2016: Intuit Plans to Sell Quickbase
On March 8, 2016, Intuit announced plans to sell Quickbase to private equity firm Welsh, Carson, Anderson & Stowe.
October 2016: Intuit Acquires Bankstream
In October 2016, Intuit acquired Bankstream to integrate direct bank feeds into QuickBooks.
May 1, 2017: Intuit Announces Sale of TruPay
On May 1, 2017, Intuit announced it was selling TruPay.
December 5, 2017: Intuit Acquires TSheets
On December 5, 2017, Intuit announced its acquisition of TSheets for $340 million.
May 2018: Intuit's Annual Revenue Exceeds US$5 Billion
As of May 2018, Intuit had more than US$5 billion in annual revenue and a market capitalization of about US$50 billion.
August 2018: Sasan Goodarzi to Become Intuit CEO
In August 2018, Intuit announced that Sasan Goodarzi would succeed Brad Smith as CEO at the start of 2019, with Smith remaining as chairman.
October 2019: ProPublica Reports on Intuit's Lobbying Tactics
In October 2019, ProPublica reported that Intuit used "lobbying, the revolving door and dark pattern customer tricks" to fend off the US government's attempts to make tax filing free and easy.
2019: ProPublica Investigation Reveals Intuit's Tactics to Steer Users to Paid TurboTax
In 2019, ProPublica investigations uncovered that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition through tactics like search engine delisting and deceptive discounts aimed at military members.
2019: Investigations Reveal Intuit's Steering of Users to Paid TurboTax
In 2019, ProPublica's investigations revealed that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics like search engine delisting and deceptive discounts, including targeting military members. Similar conclusions were reached by the Senate Committee on Homeland Security and Governmental Affairs and the New York State Department of Financial Services.
2019: Sasan Goodarzi Becomes Intuit CEO
In 2019, Sasan Goodarzi took over as the CEO of Intuit.
2019: Over 95% of Intuit's revenues and earnings come from activities within the United States
In 2019, more than 95% of Intuit's revenues and earnings originated from its activities within the United States.
February 24, 2020: Intuit to Acquire Credit Karma
On February 24, 2020, Intuit CEO Sasan Goodarzi announced plans to acquire Credit Karma for $7.1 billion.
August 3, 2020: Intuit Acquires TradeGecko
On August 3, 2020, Intuit announced its acquisition of TradeGecko for $100 million.
August 2020: Intuit QuickBooks Canada Plans Partnership with Digital Main Street
In August 2020, Intuit QuickBooks Canada was expected to reveal plans to partner with Digital Main Street to assist Canadian small businesses in their digital transformation.
September 13, 2021: Intuit to Acquire Mailchimp
On September 13, 2021, Intuit announced its acquisition of Mailchimp for $12 billion.
2021: TurboTax Ends Participation in Free File Alliance
As of the 2021 tax filing season, TurboTax no longer participates in the Free File Alliance.
2021: Intuit Reports US$2.062 Billion in Earnings for Fiscal Year 2021
For the fiscal year 2021, Intuit reported earnings of US$2.062 billion, with an annual revenue of US$9.633 billion, a 25.4% increase over the previous fiscal cycle. Intuit's shares traded at over $498.18 per share and total international net revenue was less than 5% of total net revenue.
May 4, 2022: Intuit Agrees to $141 Million Settlement Over Misleading Ads
On May 4, 2022, Intuit agreed to pay a $141 million settlement due to misleading advertisements.
July 2024: Intuit Announces Layoffs to Focus on Generative AI Initiatives
In July 2024, Intuit announced it would lay off 1,800 employees, which is 10% of its workforce, to refocus resources on generative AI initiatives.
2024: Intuit Integrates Mint into Credit Karma and Retires Mint
In January of 2024, Intuit integrated some features of its personal accounting software Mint into Credit Karma's net worth product line, leading to the retirement of Mint.
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