Company history
Intuit (ticker: INTU) was founded in Palo Alto, California in 1983 by Scott Cook and Tom Proulx. The first product they developed was Quicken, and later Microsoft launched Microsoft Money competed with Quicken, but with little success. After going public in 1993, Microsoft once tried to buy the company, but the transaction fell through without the approval of the US Department of Justice.
Focus territories
Intuit provides financial management and compliance products and services to consumers, small businesses, the self-employed, and accounting professionals; and is a leader in financial management software for individuals and SMEs.
Main products
Intuit mainly produces software related to finance and tax refunds. The more famous main product lines include:
- TurboTax: Available in Basic, Standard, Premier, and Home & Business editions, plus TurboTax 20 for preparing multiple returns. TurboTax has a market share of more than 30% in the U.S. tax filing software market.
- QuickBooks: Small business accounting and financial management software, available in EasyStart, Pro, and Premier editions. QuickBooks Online and QuickBooks Commerce are also available. QuickBooks has three times as many subscribers as the second largest New Zealand-listed company, Xero Accounting, a clear lead.
- ProConnect: Professional tax products, including ProConnect Tax Online, Lacerte, ProSeries Professional, ProSeries Basic, and EasyAcct.
- Mailchimp: Email marketing platform.
- GoPayment: The original GoPayment product launched in 2009 uses Bluetooth to connect to the card reader for data transmission to smartphone merchants can also manually enter card information, and Intuit eventually integrated GoPayment with its point-of-sale software, QuickBooks POS, allowing merchants to easily synchronize inventory and financial data and manage multiple sales locations, and provide an overview of the merchant’s business.
- QuickBooks Capital: Provides small business loan services.
- Credit Karma: It is a very important company that Intuit acquired for US$3.4 billion in 2020. Credit Karma is primarily a free service that provides credit score checks and tax returns. In 2017, 1 million filers used Credit Karma Tax to file their tax returns.
Famous products that have been sold
Quicken
Quicken was sold to H.I.G. Capital in 2016. With a market share of up to 70% in 2021, it is mainly used as a personal home accountant, tracking your account balances, transactions, investments, personal budgets, loans and any other functions. Part of personal daily financial management, the most advanced version also includes the ability to track rental properties and small businesses.
Demandforce
Software to manage marketing and customer communications.
QuickBase
Development tools for building applications.
Competitors of Intuit’s main products
TurboTax
- H&R Block (tickerk: HRB): Will close 400 stores in response to a new tax law that could see more Americans file their tax returns and file their own taxes, significantly impacting Block’s business.
- TaxAct
QuickBooks Online
- Microsoft
- Oracle
- SAP
Credit Karma
- NerdWallet
- Bankrate
- QuinStreet
- Fair Isaac (ticker: FICO)
- Credit Sesame
- Facet Wealth
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