In a press release, Intuit said that it will keep its existing Quicken Online product, “with each serving separate and equally important purposes.” Mint will become Intuit’s primary online personal finance service; Quicken Online will primarily target Quicken customers.
Mint founder and CEO Aaron Patzer will become GM of the personal finance group, reporting to Dan Maurer, SVP of Intuit’s Consumer Group. Patzer will oversee Intuit’s online, desktop, and mobile personal finance offerings for consumers.
As users of the service, we hope that Patzer will be able to maintain his vision and standard for quality once Mint is sucked into the giant Intuit machine. (We’re already distressed by no fewer than three mentions of “software as a service” or “SaaS” in Intuit’s press release!) But perhaps Intuit is actually excited about the fresh air that Patzer and Mint bring to the company, and won’t stifle it.
Intuit expects the deal to close in the fourth quarter. It expects fiscal 2010 non-GAAP EPS to be diluted by approximately 2 cents, and GAAP EPS to be diluted by 3 cents. (Mint is currently losing money.) The company does not expect it to have a material effect on fiscal 2011 earnings.
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