Five and a half years after being acquired by a private equity firm, personal finance software company Quicken is announcing that it is being acquired by another private equity firm.
In April 2016, an affiliate of H.I.G. Capital acquired Quicken from Intuit Inc. for an undisclosed amount. Today, Menlo Park, California-based Quicken is announcing that Aquiline Capital Partners will be acquiring a majority stake in the company — also for an undisclosed amount.
In an exclusive interview with TechCrunch, Quicken CEO Eric Dunn did share some other details about Quicken’s performance since that last transaction, as well as its plans for the future. Dunn has a history with the company, so can speak pretty comfortably about where it’s been, and where it’s going.
While he took over as CEO of Quicken in 2016, he first joined previous parent company Intuit as employee No. 4 in 1986 when Quicken was its only software product. During his tenure at Intuit, he served as the CFO through the 1993 IPO and merger with ChipSoft (now known as TurboTax). While he was CFO, Dunn was also a software developer who worked on almost all of the early versions of Quicken, and was the first VP/general manager of the business.
Since the H.I.G. buy, it appears that Quicken has grown quite a lot. It currently has 2 million active users, which Dunn said is “significantly higher” than what it had at the time of its spinoff from Intuit. The executive declined to reveal hard revenue (Read more...)