The cash transaction is valued at approximately USD 1.025 billion and is subject to regulatory review and other customary closing conditions.
The transaction will result in a stand-alone company focused on providing a digital banking platform and market-leading mobile solutions to financial institutions. The transaction includes an internet banking platform, digital payments, mobile banking, Purchase Rewards, FinanceWorks and digital banking add-on solutions as well as third-party solutions. Certain assets that are currently included in the IFS division, including OFX connectivity and Mint.com, will remain with Intuit.
In recent news, technology company Andera was set to provide the account opening technology for Intuits financial clients.
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