Intuit

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www.intuit.com
Intuit Inc.
Type Public
Industry Financial Services
Founded 1983
Slogan Small Business Rejoice!
Headquarters Mountain View, California
Key people Scott Cook(Founder), Brad Smith (Chairman & CEO)
Investors Technology Venture Investors, Sierra Nevada Corp., Kleiner Perkins Caufield, Byers
Number of employees 7700
Related Certifications Certificate in Portfolio Management Technology Industry Overview

Intuit Inc., founded in 1983 and incorporated on February 1, 1993, is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and Professional Tax. It is incorporated in Delaware and headquartered in Mountain View, California. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.

The company is a leading developer of software used for small business accounting; QuickBooks, and consumer tax preparation; TurboTax. It also helps manage personal finances and budgeting with its online Mint service. Customers include individual consumers, accountants, and small businesses; Intuit claims more than 45 million users for its products and services. Other offerings include payroll and payment software for small businesses, financial supplies, and online marketing and communications products. Presently, Intuit has more than US$4 billion in annual revenue and a market capitalization of more than US$20 billion.

History

  • Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize the potential of personal computers led replacements of the paper-and-pencil based personal accounting.
  • The company was founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California, which initially operated out of a modest room on University Avenue in Palo Alto.
  • In 1991 Microsoft decided to produce a competitor to Quicken called Microsoft Money.
  • In 1993 Intuit went public and made a key acquisition: the tax-preparation software company Chipsoft based in San Diego.
  • When its Microsoft buyout fell through because of United States Department of Justice's disapproval, the company came under intense pressure in late 1990s when faced with stiff competition with competitors like Microsoft fared well against its core Quicken business. In response, Intuit launched new web-based products and solutions and put more emphasis on QuickBooks and on TurboTax.
  • Intuit divested itself of its online bill payment service unit and extended and strengthened its partnership with CheckFree.
  • In 1998, Intuit acquired Lacerte Software Corp., which now operates as an Intuit subsidiary. The Lacerte subsidiary focuses on tax software used by professional accountants who prepare taxes for a living. It is generally used by larger firms with more complex workflows and clients.
  • In 1999, Intuit acquired Computing Resources Inc. for approximately $200 million. This acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software program.
  • In December 1999, Intuit purchased Rock Financial for $532M, which was renamed Quicken Loans.
  • In December 2006, Intuit acquired Digital Insight, a provider of online banking services
  • In December 2007, Intuit acquired Homestead Technologies which offers web site creation and e-commerce tools targeted at the small business market, for $170 million.
  • In 2007, Intuit lobbied to make sure taxpayers cannot electronically file their tax returns directly to the IRS by negotiating a deal preventing the IRS from setting up its own Web portal for e-filing.
  • In June 2009, Intuit Inc. purchased PayCycle Inc. an online payroll services, in an all-cash transaction for approximately $170 million.
  • In September 2009, Intuit Inc. acquired Mint.com, a free online personal finance service for $170 million.
  • On May 18, 2012 Intuit Inc. acquired Demandforce, an automated small business marketing and customer communications SaaS provider for approximately $423.5 million.
  • On July 1, 2013 Intuit announced an agreement to sell their Intuit Financial Services (IFS) business unit to Thoma Bravo for more than $1.03 billion.
  • On October 23, 2013 Intuit acquired Level Up Analytics, a data consulting firm.
  • Intuit has been ranked in Fortune's "Top 100 Best Companies to Work For" and "America's most admired software companies" for the past several years.
  • Intuit reported 2015 sales of $4.2 billion, down 7% versus the prior year. Net income slid 60%, to $365 million, over the same period.
  • In June 2015, Intuit laid off approximately 5% of its workforce as part of a company reorganization.

Controversies

  • April 2016, Intuit class action claims Turbotax voilates N.J. Consumer laws - Two users of TurboTax software are suing its maker Intuit Inc. arguing the company attempts to avoid more liability than New Jersey law allows. Plaintiffs Fay and Aaron Rubin take issue with certain provisions in the TurboTax terms and conditions that they say attempt to absolve Intuit of all possible liability. They claim that with these provisions, Intuit “blatantly obscures the effects of their disclaimers on New Jersey residents, and shirks away from duties it owes to consumers.” [1]
  • April 2015, Intuit Sued Over TurboTax Security And Identity Theft, Class Action Status Sought - Intuit Inc. was sued by several high profile plaintiffs’ lawyers alleging that the company’s lax security protections in TurboTax software helped enable fraudulent tax returns. The complaint alleges that, “Rather than protecting customers’ personal and financial information by implementing stricter security measures, TurboTax has instead knowingly facilitated identity theft tax refund fraud by allowing cybercriminals easy access to its customers’ most private information.” [2][3]
  • Feb 2012, TurboTax Faces Federal Consumer Fraud Class Action over Fees - A federal consumer fraud class action lawsuit has been filed in California against Inuit – the makers of TurboTax - alleging the online version charges illegal and exorbitant fees to customers who choose to defer payment of the fees to be taken from their tax refunds. According the lawsuit, filed in California, the TurboTax website provides customers with several options including the “Free Edition.” However, the lawsuit claims states “the poorly named TurboTax Online ‘Free Edition' is not free, for it requires additional fees (typically $19.95) to file a state return. [4]
  • Nov 2010, Class action lawsuit against QuickBooks a possibility - Several brief outages to Intuit’s QuickBooks Online and QuickBooks Payroll Subscription Service prompted a group of Dallas title attorneys to file a proposed class action against the company. [5]


Top 5 Recent Tweets

DateAuthorComment
October 29, 2020jamiecbarnettSuch a great reminder courtesy of @abc7david, with lean-forward examples, @VTA and @Intuit, plus great AI example f… https://t.co/qSvKng5PZc
October 19, 2020IntuitDiversity and inclusion isn’t just something we do – it’s part of who we are. We’re committed to championing divers… https://t.co/zMgTwgRvSS
October 28, 2020RachelBKayWe are honored that @TechTekedra is joining our @Intuit board of directors. Her deep understanding of issues at the… https://t.co/ZGsZtDL5Cj
October 28, 2020sagar_barbhayaOur @Intuit values got refreshed this year!! Courage is one of them. Rightly said by Sasan To be courageous is to b… https://t.co/5jkeeebdPc


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References

  1. https://topclassactions.com/lawsuit-settlements/lawsuit-news/332835-intuit-class-action-claims-turbotax-violates-n-j-consumer-laws/
  2. http://www.forbes.com/sites/robertwood/2015/04/23/intuit-is-sued-over-turbotax-security-and-identity-theft-class-action-status-sought/#594c9a087f1f
  3. http://www.prnewswire.com/news-releases/mccunewright-files-class-action-against-intuit-for-inadequate-cybersecurity-allowing-turbotax-filings-using-stolen-identities-300070527.html
  4. https://www.lawyersandsettlements.com/lawsuit/turbotax-faces-federal-consumer-fraud-class-action.html?opt=b&utm_expid=3607522-13.Y4u1ixZNSt6o8v_5N8VGVA.1&utm_referrer=https%3A%2F%2Fwww.google.co.in%2F
  5. http://www.accountingweb.com/technology/accounting-software/class-action-lawsuit-against-quickbooks-a-possibility

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