Intuit Close To Closing Deal To Purchase Credit Karma
Intuit Inc. is close to closing on a deal to purchase Credit Karma Inc. for about $7 billion in cash and stock, according to The Wall Street Journal.
This deal would allow Intuit to move into consumer finance, a big change from its typical bookkeeping-software services. Credit Karma allows customers to view their credit score and borrowing history for free. The deal could be announced as early as Monday if everything goes to plan.
Two years ago, Credit Karma was valued at around $4 billion in a private share sale. If the deal goes through, it would be Intuit's largest acquisition in the company's history. Intuit currently has a market value of around $77 billion.
Intuit's products include TurboTax which allows users to file their taxes online, QuickBooks which companies use for bookkeeping, and Mint which allows individuals to monitor financials.
Intuit Inc. is close to closing on a deal to purchase Credit Karma Inc. for about $7 billion in cash and stock,