Intuit, Inc. history, profile and corporate video
Intuit, Inc. provides innovative business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions. Its flagship products and services that include QuickBooks, TurboTax and Quicken help customers solve important business and financial management problems, such as running a small business, paying bills, filing income taxes, or managing personal finances. The company’s ProSeries and Lacerte provides tax preparation offerings for professional accountants. Its Financial Services business provides digital banking solutions to banks and credit unions. The company operates its business through four categories: Small Business Group, Tax, Financial Services and Other Businesses. The Small Business Group segment operates through three segments: Financial Management Solutions, Employee Management Solutions, and Payment Solutions. The Financial Management Solutions segment includes QuickBooks financial and business management software and services; technical support; financial supplies; and Intuit Websites, which provides website design and hosting services for small and medium-sized businesses. The Employee Management Solutions segment provides payroll products and services for small businesses. The Payment Solutions segment provides merchant services for small businesses, including credit and debit card processing, electronic check conversion and automated clearing house services. The Tax segment operates through two segments: Consumer Tax and Accounting Professionals. The Consumer Tax segment includes TurboTax income tax preparation products and services for consumers and small businesses. The Accounting Professionals segment includes Lacerte, ProSeries and ProLine Tax Online professional tax products and services. This segment also includes QuickBooks Premier Accountant Edition and the QuickBooks ProAdvisor Program for accounting professionals. The Financial Services segment consists primarily of outsourced online financial management solutions for banks and credit unions provided by its Intuit Financial Services business. The Other Businesses segment includes Quicken personal finance products and services, Mint.com online personal finance services, Intuit Health online patient-to-provider communication solutions, and company businesses in Canada, the United Kingdom, India and Singapore. Intuit was founded by Scott D. cook and Thomas A. Proulx in 1983 and is headquartered in Mountain View, CA.“
Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize that personal computers would lend themselves as replacements for paper-and-pencil based personal accounting. 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. Intuit struggled financially until they found their formula for success, which revolved around direct marketing campaigns, favorable reviews in industry and consumer magazines and word of mouth from satisfied customers.
Although by 1988 Quicken became a best-seller in its market, the company was not a major success until the advent of Windows 3.0 in early 1990s, when sales of Quicken grew. 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.
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 United States Department of Justice disapproval, the company came under intense pressure in late 1990s when Microsoft started to compete vigorously with its core Quicken business. 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.
Today, Intuit has about US$3 billion in annual revenue and US$12.2 billion market capitalization.
Intuit has been ranked in Fortune‘s “Top 100 Best Companies to Work For” for the past several years.
Intuit has been ranked in Fortune’s “America’s most admired software companies”.
In June 2013, Intuit announced it would sell its financial services unit to private equity firm Thoma Bravo for $1.03 billion.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “intuit“