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INTUIT BUYS MINT
This deal has little impact on the ERP midmarket, except that it continues to show that Intuit is willing to buy rather than build to get its connected services model moving. The immediate impact is more important for Intuit’s financial services business where Mint will be aimed at online banking customers.
For $174 million, Intuit gets a company that CEO Brad Smith recently praised as revitalizing the personal finance space. The company did the same thing during the summer. After Smith had praised the features of PayCycle, which provides online payroll processing, Intuit bought the company in July. But if Intuit is to play more seriously in mid-market accounting via its QuickBooks Enterprise Solutions, it needs to add functions, and probably more quickly than its own R&D team can grind out code. This is a guess, but I wouldn’t be surprised to see an acquisition to bolster functionality before 2011. In a newsletter in a past life, I mused that Intuit ultimately can’t afford to have Fishbowl Inventory, by now the de facto inventory module for QBES, operate outside its control. But this is merely conjecture and for all I know, there’s hot code in the Intuit Lab. I’m sure there are other worthy targets out there.
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