Thoma Bravo agrees $1bn-plus deal for Intuit banking software arm IFS


software6_sqConsolidation-focused private equity firm Thoma Bravo has agreed to buy IFS, the financial services division of Intuit, in a deal worth more than $1bn.

The business, which provides banking software to financial institutions, was bought by tax software maker Intuit in a $1.35bn in 2007.

Thoma Bravo’s deal for IFS is expected to close within the next few months according to a statement from the firm.

Managing partner Orlando Bravo said, “Thoma Bravo’s acquisition of IFS is consistent with our strategy of buying great technology franchises with significant recurring revenue.

“We look forward to accelerating the company’s growth as an independent business through our buy-and-build principles.”

Partner Holden Spaht added, “IFS is the premier provider of online and mobile banking software to financial institutions, markets which should continue to see secular growth and further end-user adoption.

”Thoma Bravo will continue to support the company’s mission of providing best-in-class products to support its large base of customers and end users.”

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