Intuit

Intuit Inc.
	File:Intuit logo.svg Intuit logo
Company type	Public
Industry	Software, Financial software
Founded	January 1, 1983; 43 years ago in Palo Alto, California, U.S.
Founder	Scott Cook, Tom Proulx
Headquarters	Mountain View, California, United States
Key people	Sasan Goodarzi (CEO)
Products	TurboTax, QuickBooks, Credit Karma, Mailchimp, ProConnect, QuickBooks Commerce, Intuit Prosperity Hub Program
Number of employees	Approximately 18,000 (estimated from 1,800 being 10%) (2024)
Website	www.intuit.com

Intuit Inc. is a global American corporation specializing in business software, particularly in the financial sector. Based in Mountain View, California, the company is currently led by CEO Sasan Goodarzi. Intuit’s principal offerings encompass the tax filing software TurboTax, the small business accounting solution QuickBooks, the personal finance and credit monitoring platform Credit Karma, and the email marketing service Mailchimp. As of 2019, more than 95% of its revenue and profits originated from its U.S. operations. Intuit is publicly traded on Nasdaq and is included in major indices such as the Nasdaq-100, S&P 100, and S&P 500.

Previously, Intuit provided a complimentary online tax filing option known as TurboTax Free File alongside TurboTax Free Edition, which in most cases was not truly free for users. Investigations conducted in 2019 uncovered that Intuit employed tactics like removing free service links from search engine results and offering misleading discounts to divert users toward paid TurboTax versions, including targeting military personnel. By the 2021 tax season, TurboTax had withdrawn from the Free File Alliance.

The firm has actively opposed IRS initiatives to supply taxpayers with pre-filled tax returns—a standard procedure in many other advanced economies—highlighting its strategic emphasis on safeguarding its dominance in the tax software market.

History

Founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California, Intuit originated from Cook’s vision, influenced by his tenure at Procter & Gamble, that personal computers would replace manual bookkeeping. He joined forces with programmer Tom Proulx from Stanford University to create the initial version of Quicken, which was first programmed using Microsoft’s BASIC and UCSD Pascal languages for the Apple II platform, entering an already competitive landscape.

In 1991, Microsoft introduced Microsoft Money as a rival product. To defend its market position, Intuit pioneered an industry-first $15 rebate coupon aimed at securing retailer support. During this period, Intuit expanded its product lineup and attracted venture capital investment from John Doerr of Kleiner Perkins.

Intuit went public on March 12, 1993 (NASDAQ: INTU), using capital raised to acquire Chipsoft, a tax software company based in San Diego. Following its IPO, the company’s growth peaked with a market value of $2 billion and faced a takeover bid by Microsoft in 1994 that was ultimately blocked by the United States Department of Justice.

Confronted with renewed competition from Microsoft in the late 1990s, Intuit redirected its efforts toward web-based services along with QuickBooks and TurboTax products. Its strategic moves included acquiring Lacerte Software and purchasing a substantial stake in Excite, while divesting its online bill payment service in exchange for equity in CheckFree.

In June 2013, Intuit divested its financial services division to private equity firm Thoma Bravo for $1.03 billion.

By May 2018, Intuit reported annual revenues exceeding $5 billion and held a market capitalization close to $50 billion. In August 2018, Sasan Goodarzi was appointed CEO effective 2019, succeeding Brad Smith who continued as chairman of the board. In 2020, Intuit QuickBooks Canada collaborated with Digital Main Street to assist Canadian small businesses in their digital transformation efforts.

In July 2024, Intuit revealed plans to reduce its workforce by approximately 1,800 employees—about 10% of its staff—to reallocate resources toward advancing generative AI technologies.

Legal matters

Intuit formerly provided TurboTax Free File, a no-cost tax preparation option for individuals earning below a specified income limit, as part of the Free File Alliance partnership. Nonetheless, despite its label, TurboTax Free Edition is not complimentary for the majority of users. A 2019 investigation by ProPublica uncovered that Intuit intentionally steered users away from the genuinely free TurboTax Free File service toward the paid TurboTax Free Edition by employing methods such as removing the free service from search engine results and offering misleading discounts aimed at military personnel.

Additional inquiries conducted by the Senate Committee on Homeland Security and Governmental Affairs and the New York State Department of Financial Services corroborated these findings, with the latter describing Intuit’s conduct as "unfair and abusive." By 2022, Intuit was subject to numerous lawsuits and probes initiated by the Federal Trade Commission along with various state attorneys general concerning these practices. On May 4, 2022, Intuit consented to a $141 million settlement addressing deceptive advertising related to TurboTax.

Current offerings

CEO Sasan Goodarzi manages all product lines worldwide.

TurboTax: Offered in Basic, Standard, Premier, and Home & Business editions, alongside TurboTax 20 designed for multiple returns.
QuickBooks: Accounting software tailored for small businesses, available in EasyStart, Pro, and Premier editions.
QuickBooks Online: A cloud-based accounting solution delivering real-time financial data and analytics to support business decisions.
ProConnect: Suite of professional tax applications including ProConnect Tax Online, Lacerte, ProSeries Professional, ProSeries Basic, and EasyAcct.
Credit Karma: Provides credit scores, reports, and monitoring services; merged with former Intuit Mint’s personal finance tools as of 2024.
QuickBooks Commerce: A centralized platform integrating multiple sales channels for product-focused small enterprises.
Intuit Prosperity Hub Program: Initiative aimed at fostering local economies through job creation, workforce preparation for students, and assistance to small businesses, featuring the SaverLife platform.
Mailchimp: Email marketing service.

Canada

Intuit Canada ULC, a fully owned subsidiary, develops software solutions for personal finance management and small business accounting. It offers its products through desktop applications, SaaS models, platform as a service (PaaS), and mobile applications. The company maintains offices in Edmonton, Alberta, and Toronto, Ontario.

The origins of Intuit Canada trace back to Intuit’s acquisition in 1993 of a Canadian tax software firm. In 1992, entrepreneurs Bruce Johnson and Chad Frederick from Edmonton created WINTAX—the first Windows-based personal tax software in Canada. WINTAX was acquired by Chipsoft in 1993 before Chipsoft merged with Intuit. The software was renamed QuickTax in 1995 and later rebranded as TurboTax in 2010. Intuit Canada evolved into the center for international product development, producing localized versions of Quicken and QuickBooks tailored to Canadian English/French markets as well as the UK. The UK edition of Quicken was discontinued in 2005.

Intuit Canada’s current product lineup

TurboTax (previously known as QuickTax) is offered in Basic, Standard, Premier, and Home & Business editions, along with TurboTax 20 designed for multiple tax returns.
TurboImpôt (formerly ) represents the French-language TurboTax available in de base, de luxe, premier, and particuliers et entreprises versions.
TurboTax online provides Free, Student, Standard, Premier, and Home & Business editions accessible via the web.
– French online versions include gratuit, étudiant, de luxe, premier, and particuliers et entreprises.
SnapTax – An iPhone application enabling income tax filing directly from mobile devices.
TurboTax Refund Calculator – An iPad app that estimates tax refunds and analyzes how life events affect tax filings.
QuickBooks – Accounting software tailored for small businesses offered in EasyStart, Pro, and Premier editions.
QuickBooks Payroll Solutions – Adds payroll management features to QuickBooks Pro and Premier versions.
Intuit Merchant Service for QuickBooks – Allows credit and debit card processing integrated within QuickBooks software.
QuickBooks Enterprise Solutions – Built for mid-sized enterprises requiring enhanced functionality and support; includes payroll services.
QuickBooks Online – Cloud-based accounting platform available in EasyStart, Essentials, and Plus tiers.
Intuit GoPayment – Mobile payment processing solution designed for businesses on the move.
– French-language QuickBooks editions include Succès PME, Pro, and Premier.
QuickBooks Succès PME Service de paie – Payroll service specifically for small businesses in the French-speaking market.
ProFile Basic and Premier Editions – Professional-grade tax preparation software.

Intuit Canada Discontinued Offerings

TaxWiz – Tax preparation software acquired in 2002 but discontinued by 2007.
WillExpert – Software designed for personal will creation (not available in Quebec due to legal restrictions).

In 2008, Intuit Canada phased out TaxWiz and launched QuickTax Basic. Following changes imposed by the Canada Revenue Agency limiting software packages to 20 returns each, QuickTax Pro50 and Pro100 were retired in favor of QuickTax 20. By the 2010 tax season, Intuit Canada rebranded QuickTax as TurboTax, aligning its branding with the U.S. market approach.

India

Intuit India, a wholly owned subsidiary of Intuit, Inc., was established in April 2005 with headquarters in Bangalore. Employing over 500 staff members, it functions as one of Intuit’s two international development centers alongside Intuit Canada.

The Indian division concentrates on creating localized solutions such as point-of-sale software and investigating hosted services like online banking customized for the Indian market. In 2007, Intuit India announced intentions to enter emerging economies including China, Russia, and Brazil, aiming to capitalize on substantial growth prospects.

In December 2009, Intuit collaborated with Web 18’s moneycontrol.com to introduce Personal Finance Management Solutions within India, marking a strategic enhancement of its product offerings and market reach.

Intuit Money Manager

In January 2010, Intuit India launched Intuit Money Manager, its inaugural consumer financial software tailored specifically for Indian users. This web-based application consolidated information from various bank accounts, credit cards, and loans to provide comprehensive transaction tracking and balance monitoring.

The beta version initially appeared on MoneyControl in August 2009 and was relaunched in January 2011 through a partnership with ICICI Bank. However, by 2013 ICICI Bank replaced Intuit Money Manager with Yodlee’s MoneyCenter service branded as "My Money from ICICI," reflecting evolving strategic alliances and product adjustments.

Honors and accolades

In 2017, Intuit India secured the top position in the Information Technology sector within the "India's Best Companies to Work For" rankings.
The company also received commendations in the categories of Employee Wellness and Employer Branding during the same year.

Digital communities

Intuit manages multiple online platforms connected to its product lines, such as QuickBooks and TurboTax communities tailored for small business entrepreneurs and taxpayers, the Quicken Online Community for individuals managing personal finances, along with the Accountant Online Community and JumpUp. These sites offer a variety of content including blogs, discussion forums, webinars, podcasts, and contributions from users.

JumpUp, initially known as JackRabbit Beta, provided complimentary resources for startups and small enterprises, including business planning tools, cash flow calculators, customizable templates, and online educational materials.

Launched in 2005, TaxAlmanac was a no-cost tax research wiki that offered comprehensive access to tax codes, regulations, case law, and related articles. Its collaborative approach earned it mentions in publications like Time and Business Week. Although it has been archived since June 2014—restricting users to viewing existing information—it continues to serve as a useful reference. Following its archival, many participants migrated to TaxProTalk.com.

Zipingo functioned as a free review platform for contractors, dining establishments, and various service providers integrated with Quicken and QuickBooks. Intuit discontinued Zipingo operations in August 2007.

Financial overview

For fiscal year 2021, Intuit reported revenues of $9.633 billion alongside net earnings of $2.062 billion, reflecting a growth rate of 25.4% compared to the previous year. Stock prices exceeded $498.18 per share during this period, with international revenue accounting for less than 5% of total income.

2019 6,784 1,557 6,283 277.31 9,400 2020 7,679 1,826 10,931 286.29 10,600 2021 9,633 2,062 15,516 498.18 13,500 2022 12,726 2,066 27,734 423.03 17,300 2023 14,368 2,384 27,780 446.52 18,200 2024 16,285 2,963 32,132 – 18,800

Year	Revenue (million US$)	Net income (million US$)	Total assets (million US$)	Average share price (US$)	Employees
2005	1,993	382	2,716	20.90	7,000
2006	2,293	417	2,770	27.15	7,500
2007	2,673	440	4,252	27.52	8,200
2008	2,993	477	4,667	25.51	8,200
2009	3,109	447	4,826	25.23	7,800
2010	3,403	574	5,198	36.26	7,700
2011	3,449	634	5,110	46.85	8,000
2012	3,808	792	4,684	54.68	8,500
2013	3,946	858	5,486	61.67	8,000
2014	4,243	907	5,201	77.91	8,000
2015	4,192	365	4,968	93.97	7,700
2016	4,694	979	4,250	104.02	7,900
2017	5,177	971	4,068	133.65	8,200
2018	5,964	1,211	5,178	194.12	8,900

1990s

In 1993 Intuit expanded by acquiring Chipsoft—a tax software company based in San Diego. The following year saw further growth through purchasing the tax software division of Best Programs located in Reston VA and Parsons Technology from Bob Parsons for $64 million.

The company continued enhancing its footprint by acquiring GALT Technologies Inc., headquartered in Pittsburgh PA in 1996. Two years later in 1998 Intuit brought Lacerte Software Corp., which now operates as a subsidiary offering tax software solutions targeted at professional accountants managing complex client workflows within larger firms.

On March 2nd of 1999 Intuit completed acquisition of Computing Resources Inc., based in Reno NV for approximately $200 million; this enabled QuickBooks to incorporate payroll processing capabilities. Later that year Intuit bought Rock Financial for $532 million and rebranded it as Quicken Loans; however in 2002 Rock Financial’s founder Dan Gilbert led a consortium that repurchased Quicken Loans from Intuit.

2000s

In 2001, Intuit entered the UK market by appointing Stephen Lee as managing director and Neil Atkins as marketing director to oversee its European B2B and B2C packaged accounting initiatives.

The following year, Intuit acquired Management Reports International, a Cleveland-based real estate software company, which was subsequently renamed Intuit Real Estate Solutions (IRES). Additionally, in 2002, the company purchased Eclipse ERP for $88 million, broadening its suite of real-time transaction processing software covering order fulfillment, inventory management, accounting, purchasing, and sales functions.

By acquiring Innovative Merchant Solutions (IMS) in 2003, Intuit enabled direct credit card processing integration within QuickBooks without requiring leased hardware, thereby extending payment options for its users.

In November 2005, Intuit strengthened its online business document filing capabilities by acquiring MyCorporation.com for $20 million. The expansion continued in 2006 with the $60 million acquisition of StepUp Commerce to improve localized product listing syndication, alongside the purchase of Digital Insight to enhance its online banking service offerings.

On August 17, 2007, Intuit sold Eclipse ERP to Activant for $100.5 million. Later that year, it acquired Electronic Clearing House to improve check processing services and purchased Homestead Technologies for $170 million to provide small businesses with website development and e-commerce tools.

In December 2008, Intuit acquired the bankrupt company Entellium to incorporate on-demand customer relationship management software into its portfolio. In April 2009, it added Boorah, a restaurant review platform.

On June 2, 2009, Intuit agreed to acquire PayCycle Inc., an online payroll service provider, at a price near $170 million. Subsequently, on September 14 of the same year, it purchased Mint.com for $170 million, significantly expanding its personal finance service offerings and strengthening its position in financial management solutions.

2010s

On January 15, 2010, Intuit spun off Intuit Real Estate Solutions—originally acquired in 2002—into an independent entity now known as MRI Software.

On May 21, 2010, Intuit acquired MedFusion for around $91 million; MedFusion specialized in patient-to-provider communication platforms. In August 2010, it added the personal finance application Cha-Ching to its portfolio. On June 28, 2011, Intuit enhanced its position as a leading provider of online and mobile banking technology by acquiring web banking assets from Mobile Money Ventures.

Intuit expanded further on May 18, 2012, by purchasing Demandforce—a SaaS provider focused on automated marketing and customer communication for small businesses—for approximately $423.5 million. However, in August of that year, it divested its 'Grow Your Business' division—including Intuit Websites and Weblistings—to Endurance International Group.

On July 1, 2013, Intuit sold its Intuit Financial Services unit (formerly Digital Insight) to Thoma Bravo for over $1.03 billion. In August 2013, it divested the Intuit Health division back to founder Steve Malik. That same year saw further growth through acquisitions such as Good April and Level Up Analytics to enhance tax planning and data analysis capabilities. Additionally, Intuit acquired Full Slate (appointment scheduling software) and Prestwick Services (later integrated into Employee Management Solutions).

In May 2014, Intuit acquired Invitco to bolster cloud-based bill processing solutions tailored for bookkeepers and purchased Check for roughly $360 million to expand bill payment services across both small business and personal finance platforms. In December of that year, it added Acrede—a UK-based global payroll services provider—to its portfolio.

March 2015 brought the acquisition of Playbook HR to strengthen offerings targeting the on-demand workforce.

In January 2016, Intuit divested Demandforce to Internet Brands, sold Quicken to H.I.G. Capital, and transferred Quickbase ownership to private equity firm Welsh, Carson, Anderson & Stowe. Later that year in October, it acquired Bankstream to integrate direct bank feeds into QuickBooks.

On May 1, 2017, Intuit completed the sale of TruPay. Subsequently, on December 5 of the same year, it purchased TSheets for $340 million to enhance time-tracking capabilities within its product suite.

2020s

On February 24, 2020, Intuit's CEO Sasan Goodarzi revealed the company's intention to acquire Credit Karma for $7.1 billion. Later that year, on August 3, Intuit completed the purchase of TradeGecko for $100 million, strengthening its capabilities in omni-channel commerce.

Intuit further broadened its offerings on September 13, 2021, by acquiring Mailchimp for $12 billion. In January 2024, significant features from Intuit’s personal finance tool Mint were incorporated into Credit Karma’s net worth product line, leading to the discontinuation of Mint.

Lobbying

Intuit has consistently opposed IRS initiatives to provide free pre-filled tax forms, a service commonly available in many developed nations. In 2009, the company allocated nearly $2 million to resist free online state tax filing programs aimed at low-income residents of California. Between 2009 and 2014, Intuit invested close to $13 million in lobbying activities, a figure on par with industry giants such as Apple.

The company notably backed political candidates who stood against free tax filing proposals, including Tony Strickland during his campaign for California’s state comptroller position. Critics contend these political efforts were designed to discourage lawmakers from supporting free filing options. Investigations have revealed Intuit’s involvement in advocacy campaigns opposing return-free and direct tax filing through affiliated groups.

In 2019, ProPublica exposed Intuit’s strategic use of lobbying, revolving door employment practices, and customer engagement methods to preserve its lucrative tax preparation business by resisting governmental attempts to simplify or offer free tax filing services.

Lawsuits

Intuit was part of an out-of-court settlement concerning an antitrust and class-action lawsuit related to cold calling employees from competing companies, alongside Apple and Google.

In March 2015, The Washington Post and journalist Brian Krebs reported claims made by two former Intuit security staff alleging that the company permitted extensive fraudulent tax returns to increase revenue. They asserted that warnings and suggestions for fraud prevention were disregarded. One employee reportedly filed a whistleblower complaint with the US Securities and Exchange Commission.

FTC Lawsuit Over Intuit's 'Free' Tax Filing Claims - pending

The Federal Trade Commission (FTC) initiated legal proceedings against Intuit for allegedly deceptive marketing regarding TurboTax’s "free" tax filing promotions. The FTC contends these advertisements mislead consumers by excluding numerous taxpayers, including gig workers and those with farm income. The agency aims to stop these practices through administrative actions and federal court filings, with potential consequences for Intuit’s responsibility in this matter.

External links