If you follow tech news you’ve probably heard about the purchase of Mint by Intuit this week. Intuit is well know as the builder and provider of Quicken software which has been around for years. Quicken has both a desktop and online version of the software as well as mobile services.
Mint is not shabby either. It has been around a few years and has already gained much publicity for its features and model for helping people save money through the use of its free online software.
The business transaction builds Intuits inventory of products and allows them to absorb an expanding competitor. They no longer have to worry about Mint soaking up users or market share from them because they are now a part of the same family.
What is Mint saying?
CEO commented in a recent blog post about the merger and how their approach could be expanded to more consumers including new spaces.
It’s a great opportunity that could bring Mint’s unique approach to personal financial management to millions more consumers and small businesses as well as the 1,800 banks and credit unions serviced by Intuit.
What is Intuit saying?
This big news is especially exciting because Intuit and Mint.com share a common goal: help consumers do more with their money with innovative, easy-to-use online services.
Having joined up with Intuit, Mint now has more resources behind their product which means it can expand and reach more people. Apparently, Mint’s product development staff is now going to take the leading role in owning the product development road map for both organizations.
After the acquisition closes, the Mint.com team will be leading the development of both Mint.com and Intuit’s existing personal finance products, Quicken desktop and Quicken Online. The fact that Intuit has agreed to acquire Mint.com, and is leaving our team intact, is evidence that Intuit has been impressed by and wants to build upon the user experience that Mint.com offers. We’ll not only improve upon that experience for Mint.com but also bring our know-how to the Quicken product line. Destroying the Mint.com user experience does not make sense for Intuit, Mint.com or any of our users.
Questions with the acquisition
While neither company can really tell us exactly how all of this is going to play out until after the acquisition closes later in the year, it does raise some interesting questions.
- Both products operate in the same space today. How will both products coexist? Apparently, this is the case in the short-term.
- Certainly, Mint has features Quicken lacks and visa versa. If each product remains stand-alone, will they adapt new features from each other?
- Could we see other acquisitions in the future? Is this a starting trend of a consolidation of personal finance software?
- Will the products be consolidated into one application with the best of both features? Update: Consumerism Commentary conducted an interview with Mint’s CEO, Aaron Patzer regarding the Acquisition. Aaron will be heading up personal finance product development for Intuit. Apparently, Quicken online will be replaced by Mint. Listen to the podcast here.
What is my prediction? I think this will be much more than a business transaction. In other words, I think we’ll either see the software grow together or become completely distinct in the respective services of features and niches of customers. Hopefully, both organizations will not lose site of their customers and continue to look at the market place to determine what the end user really needs to manage their personal finances better.
What are your thoughts on the business transaction and what do you see for the future of Mint and Quicken?
Read more about the acquisition and what both Mint and Intuit are saying on their blogs.
- Mint.com to Join the Intuit Family
- Why Mint.com + Intuit is a Big Idea
Weekly Round Up
Rather than provide articles I’ve read around the personal finance blogosphere this week, I thought I would recommend some personal finance blogs I follow and have added to my blogroll. These are blogs I find actively updated (at least 3 times per week) and base their content and financial decisions upon Biblical financial principles.
Check them out when you get a chance and subscribe to them via Twitter or RSS. If you know of others, or would like to provide your own blog, please let me know in the comments.
- Redeeming Riches
- Debt Free Adventure
- Christian PF
- Borrow from None
- Money Help for Christians
- Bible Money Matters