History of Intuit in Timeline
Intuit Inc. is an American multinational corporation specializing in financial software, with headquarters in Mountain View, California. Key products include TurboTax, QuickBooks, Credit Karma, and Mailchimp. Sasan Goodarzi is the CEO. The company derives the vast majority of its revenue from the United States. Intuit is publicly traded on the Nasdaq and is a component of the Nasdaq-100, S&P 100, and S&P 500 stock market indices.
1983: Intuit Founded
In 1983, Intuit was founded by Scott Cook and Tom Proulx in Palo Alto, California.
March 12, 1993: Intuit Goes Public
On March 12, 1993, Intuit went public with an initial public offering (IPO) at the National Association of Securities Dealers' NASDAQ stock exchange.
1993: Acquisition of Chipsoft
In 1993, Intuit acquired Chipsoft, a tax preparation software company based in San Diego.
1993: Intuit Acquires Canadian Tax Software Developer
In 1993, Intuit acquired a Canadian tax preparation software developer, Chipsoft, which previously acquired WINTAX.
1994: Acquisition of Best Programs' Tax Division and Parsons Technology
In 1994, Intuit acquired the tax preparation software division of Best Programs and Parsons Technology from Bob Parsons for $64 million.
1994: Microsoft Buyout Offer
In 1994, Intuit's market capitalization reached US$2 billion, culminating with 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 renamed the WINTAX software to QuickTax.
1996: Acquisition of GALT Technologies, Inc
In 1996, Intuit acquired GALT Technologies, Inc of Pittsburgh, PA.
1998: Acquisition of Lacerte Software Corp.
In 1998, Intuit acquired Lacerte Software Corp., which now operates as an Intuit subsidiary, focusing on tax software for professional accountants.
March 2, 1999: Acquisition of Computing Resources Inc.
On March 2, 1999, Intuit acquired Computing Resources Inc. of Reno, Nevada for approximately $200 million, allowing Intuit to offer a payroll processing platform through its QuickBooks software program.
December 1999: Acquisition of Rock Financial
In December 1999, Intuit purchased Rock Financial for $532M. The company was renamed Quicken Loans.
2001: Investment in UK Market
In 2001, Intuit invested in the UK market, hiring a local management team with the aim of becoming Europe's leading B2B & B2C packaged accounts solution.
June 2002: Quicken Loans Repurchased
In June 2002, Rock Financial founder Dan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit.
2002: Acquisitions of Management Reports International and Eclipse ERP
In 2002, Intuit acquired Management Reports International, a real estate management software firm, and renamed it Intuit Real Estate Solutions (IRES), as well as acquiring Eclipse ERP for $88 million.
2003: Acquisition of Innovative Merchant Solutions
In 2003, Intuit acquired 'Innovative Merchant Solutions' (IMS).
April 2005: Intuit India Established
In April 2005, Intuit India was started in Bangalore as a fully owned subsidiary of Intuit, Inc.
May 2005: TaxAlmanac Launched
Modeled after English Wikipedia, TaxAlmanac was launched in May 2005.
June 6, 2005: Time Magazine Article
On June 6, 2005, 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: Acquisition of MyCorporation.com
In November 2005, Intuit acquired MyCorporation.com, an online business document filing service, for $20 million from original founders Philip and Nellie Akalp.
November 21, 2005: Business Week Article
On November 21, 2005, Business Week featured an article titled "50 Smart Ways to Use the Web" in which TaxAlmanac was selected as one of the 50.
2005: Discontinuation of UK Quicken Version
In 2005, the U.K. version of Quicken was discontinued.
September 2006: Acquisition of StepUp Commerce
In September 2006, Intuit acquired StepUp Commerce, an online localized product listing syndicator, for $60 million in cash.
December 2006: Acquisition of Digital Insight
In December 2006, Intuit acquired Digital Insight, a provider of online banking services.
August 23, 2007: Zipingo Closed
The Zipingo website was closed by Intuit on August 23, 2007.
2008: Discontinuation of TaxWiz and Addition of QuickTax Basic
In 2008, Intuit Canada discontinued the TaxWiz software and added QuickTax Basic to their lineup.
April 2009: Acquisition of Boorah
In April 2009, Intuit acquired Boorah, a restaurant review site.
June 2, 2009: Acquisition of 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.
September 14, 2009: Acquisition of Mint.com
On September 14, 2009, Intuit Inc. agreed to acquire Mint.com, a free online personal finance service, for $170 million.
Dec 2009: Partnership with moneycontrol.com
In Dec 2009, Intuit Inc. and Web 18's moneycontrol.com announced a three-year partnership to provide a new personal financial management tool to Indian consumers on moneycontrol.com.
2009: Political contributions to eliminate free online state 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: Spin-off of Intuit Real Estate Solutions as MRI Software
On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions (acquired in 2002) as a stand-alone company, which then rebranded as MRI Software.
May 21, 2010: Acquisition of MedFusion
On May 21, 2010, Intuit acquired MedFusion, a Cary, NC leader of Patient to Provider communications for approximately $91 million.
August 10, 2010: Acquisition of Cha-Ching
On August 10, 2010, Intuit acquired the personal finance management app Cha-Ching.
June 28, 2011: Acquisition of Mobile Money Ventures' Web banking technology assets
On June 28, 2011, Intuit acquired the Web banking technology assets of Mobile Money Ventures, a mobile finance provider, for an undisclosed amount, expecting to become the largest online and mobile technology provider to financial institutions.
2011: Lobbying Against Return-Free Filing
In 2011, as reported by ProPublica on March 26, 2013, Intuit was lobbying against return-free filing.
May 18, 2012: Acquisition of 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: Sale of 'Grow Your Business' business unit to Endurance International
On August 15, 2012, Intuit announced an agreement to sell their 'Grow Your Business' business unit to Endurance International. The sale included the Intuit Websites and Weblistings products.
March 26, 2013: ProPublica report on lobbying against return-free filing
On March 26, 2013, ProPublica reported that the company lobbied against return-free filing as recently as 2011.
June 2013: Sale of Financial Services Unit
In June 2013, Intuit announced the sale of its financial services unit to private equity firm Thoma Bravo for $1.03 billion.
July 1, 2013: Sale of Intuit Financial Services (IFS) to Thoma Bravo
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: Acquisition of Good April
In August 2013, Intuit Inc. acquired tax planning software Good April for an undisclosed amount.
August 19, 2013: Sale of Intuit Health back to MedFusion's 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: Acquisition of Level Up Analytics
On October 23, 2013, Intuit acquired Level Up Analytics, a data consulting firm.
October 30, 2013: Acquisition of Full Slate
On October 30, 2013, Intuit acquired Full Slate, a developer of appointment scheduling software for small businesses.
November 2013: Acquisition of Prestwick Services, LLC and TruPay integration
In November 2013, Intuit acquired Prestwick Services, LLC, and incorporated TruPay into its Employee Management Solutions Division.
May 2014: Acquisition of Invitco and Check
In May 2014, Intuit Inc. bought Invitco to help bookkeepers put bill processing in the cloud and acquired Check for approximately $360 million to offer bill pay across small business and personal finance products.
June 1, 2014: Intuit Archives TaxAlmanac
Intuit archives TaxAlmanac effective June 1, 2014, and many of the users have migrated to a new site called TaxProTalk.com.
June 2014: Archival of TaxAlmanac
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 archival.
December 2014: Acquisition of Acrede
In December 2014, Intuit Inc. acquired Acrede, a UK-based provider of global, cross-border and cloud-based payroll services.
2014: Lobbying spending reported by OpenSecrets
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: Acquisition of Playbook HR
In March 2015, Intuit Inc. acquired Playbook HR.
March 2015: Allegations of knowingly allowing fraudulent returns
In March 2015, 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.
January 2016: Agreement to sell Demandforce to Internet Brands
In January 2016, Intuit Inc. announced an agreement to sell Demandforce to Internet Brands.
March 3, 2016: Plans to sell Quicken to H.I.G. Capital
On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital.
March 8, 2016: Plans to sell Quickbase to Welsh, Carson, Anderson & Stowe
On March 8, 2016, Intuit announced plans to sell Quickbase to private equity firm Welsh, Carson, Anderson & Stowe.
October 2016: Acquisition of Bankstream
In October 2016, Intuit acquired Bankstream to integrate direct bank feeds into QuickBooks.
May 1, 2017: Announcement of TruPay sale
On May 1, 2017, Intuit announced it was selling TruPay.
December 5, 2017: Acquisition of TSheets
On December 5, 2017, Intuit announced its acquisition of TSheets for $340 million.
May 2018: Financial Status Update
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 Announced as New CEO
In August 2018, Intuit announced that Sasan Goodarzi would become Intuit's leader and CEO at the beginning of 2019, and Brad Smith will remain chairman of Intuit's board of directors.
October 2019: ProPublica report on Intuit's efforts to fend off free tax filing
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, and created its multi-billion-dollar franchise.
2019: Revenue sources in 2019
In 2019, Intuit's revenue and earnings were primarily generated from its activities within the United States, accounting for more than 95% of the total.
2019: Investigations into TurboTax Free Edition
In 2019, ProPublica investigations revealed that Intuit employed tactics such as search engine delisting and deceptive discounts to steer taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition.
2019: Sasan Goodarzi becomes Intuit CEO
Sasan Goodarzi became Intuit's leader and CEO at the beginning of 2019.
February 24, 2020: Plans 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: Acquisition of TradeGecko
On August 3, 2020, Intuit announced its acquisition of TradeGecko for $100 million.
August 2020: Intuit QuickBooks Canada Partnership with Digital Main Street
In August 2020, Intuit QuickBooks Canada was expected to reveal intentions to partner with Digital Main Street, as the company aims to help digitally turn Canadian small businesses.
September 13, 2021: Acquisition of Mailchimp
On September 13, 2021, Intuit announced its acquisition of Mailchimp for $12 billion.
2021: TurboTax leaves Free File Alliance
As of the 2021 tax filing season, TurboTax no longer participates in the Free File Alliance.
2021: Fiscal Year 2021 Earnings
For the fiscal year 2021, Intuit reported earnings of US$2.062 billion, with an annual revenue of US$9.633 billion.
May 4, 2022: $141 Million Settlement
On May 4, 2022, Intuit agreed to pay a $141 million settlement over misleading advertisements.
January 2024: Mint integration into Credit Karma and retirement of Mint
In January 2024, Intuit integrated some of the functions of its personal accounting software Mint into Credit Karma's net worth product line and retired Mint.
July 2024: Intuit Layoffs Announced
In July 2024, Intuit announced it would lay off 1,800 employees, or 10% of its workforce, in order to refocus resources on generative AI initiatives.
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