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 Headquarters in Mountain View | |
| Company type | Public |
|---|---|
| |
| ISIN | US4612021034 |
| Industry | Enterprise software |
| Founded | 1983; 42 years ago (1983), inPalo Alto, California, U.S. |
| Founders | |
| Headquarters | Mountain View, California, U.S. 37°25′38″N122°5′47″W / 37.42722°N 122.09639°W /37.42722; -122.09639 |
Key people |
|
| Products | |
| Services | |
| Revenue |  US$18.8 billion (2025) |
| US$4.92 billion (2025) | |
| US$3.87 billion (2025) | |
| Total assets | US$36.9 billion (2025) |
| Total equity | US$19.7 billion (2025) |
Number of employees | 18,200 (2025) |
| Website | intuit |
| Footnotes / references Financials as of July 31, 2025[update].[1] | |
Intuit Inc. is an American multinationalbusiness software company that specializes infinancial software. Headquartered inMountain View, California, the company is led by CEO Sasan Goodarzi. Intuit's products include thetax preparation applicationTurboTax, thesmall business accounting softwareQuickBooks, the credit monitoring and personal finance serviceCredit Karma,[2] and the email marketing platformMailchimp.[3] As of 2019,[update] more than 95% of its revenue and earnings originated from its operations within the United States.[4] Intuit is listed on theNasdaq stock exchange and is a component of theNasdaq-100,S&P 100, andS&P 500 stock market indices.Intuit offered a free online service called TurboTaxFree File as well as a similarly named service called TurboTax Free Edition which is not free for most users.[5][6] In 2019, investigations byProPublica found that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics includingsearch engine delisting and a deceptive discount targeted to members of the military.[7][8] As of the 2021 tax filing season, TurboTax no longer participates in theFree File Alliance.[9]
Intuit has lobbied extensively against theIRS providing taxpayers with free pre-filled forms, which is the norm in developed countries.[10][11]
The company was founded in 1983 byScott Cook andTom Proulx inPalo Alto, California.[12][13][14][15]
Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize thatpersonal computers would lend themselves towards replacements for paper-and-pencil based personal accounting.[16] On his quest to find a programmer, he ended up running intoTom Proulx atStanford University. The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. The first version ofQuicken was coded in Microsoft'sBASIC programming language for the IBM PC andUCSD Pascal for theApple II by Tom Proulx and had to contend with a dozen serious competitors.
In 1991, Microsoft decided to produce a competitor toQuicken calledMicrosoft Money. To win retailers' loyalty, Intuit included a US$15 rebate coupon, redeemable on software that customers purchased in their stores. This was the first time a software company offered a rebate.[17][18][19] Around the same time, the company engagedJohn Doerr ofKleiner Perkins and diversified its product lineup.
On March 12, 1993, Intuit (ticker symbol: INTU) went public with aninitial public offering (IPO) at theNational Association of Securities Dealers'NASDAQ stock exchange. The proceeds were used to make a key acquisition: the tax-preparation software company Chipsoft based inSan Diego.[20] The time after the IPO was marked by rapid growth and culminated with a buyout offer fromMicrosoft in 1994; at this time Intuit'smarket capitalization reached US$2billion.[21] However, theUnited States Department of Justice sued to block the acquisition.[22][23]
The company came under intense pressure in the late 1990s when Microsoft started to compete vigorously with its core Quicken business.[18][23] In response, Intuit launched new web-based products and put more emphasis on QuickBooks and on TurboTax. The company made a number of investments around this time. Among others, it purchased a large stake inExcite[24] and acquired Lacerte Software, aDallas-based developer of tax preparation software used by tax professionals.[25] It also divested its online bill payment service unit in exchange for an equity stake inCheckFree.[26]
In June 2013, Intuit announced it would sell its financial services unit to private equity firmThoma Bravo for $1.03 billion.[27]
As of May 2018, Intuit had more than US$5 billion in annualrevenue and a market capitalization of about US$50 billion.[citation needed] In August 2018, the company announced that Sasan Goodarzi would become Intuit's leader and CEO at the beginning of 2019. Previous CEO Brad Smith will remain chairman of Intuit's board of directors.[28][29] In August 2020, Intuit QuickBooks Canada was expected to reveal intentions to partner with Digital Main Street, as the company aims to help digitally turn Canadian small businesses.[30]
In July 2024, Intuit announced it would lay off 1,800 employees, or 10% of its workforce, in order to refocus resources on generative AI initiatives.[31]
Intuit formerly offered a free online service called TurboTax Free File as well as a similarly named service called TurboTax Free Edition which is not free for most users.[5][6][7][8] TurboTax Free File was developed as part of an agreement whereby members of theFree File Alliance would offer tax preparation for individuals below an income threshold for free in exchange for the IRS not providing taxpayers with free pre-filled forms.[5][6] In 2019, investigations byProPublica found that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics includingsearch engine delisting and a deceptive discount targeted to members of the military.[7][8] Subsequent investigations by theSenate Committee on Homeland Security and Governmental Affairs and theNew York State Department of Financial Services reached similar conclusions, the latter concluding that Intuit engaged in "unfair and abusive practices".[32][33][34][35]As of 2022, Intuit is the subject of multiple lawsuits and is under investigation by theFTC and severalstate attorneys general.[36][37] On May 4, 2022, Intuit agreed to pay a $141 million settlement over misleading advertisements.[38]
CEO Sasan Goodarzi oversees all products in all countries.
Intuit Canada ULC, an indirectwholly owned subsidiary of Intuit, is a developer of financial management and tax preparation software forpersonal finance andsmall businessaccounting. Services are delivered on a variety of platforms includingapplication software,software connected to services,software as a service,platform as a service andmobile applications. Intuit Canada has employees located all across Canada, with offices inEdmonton,Alberta, andToronto,Ontario.
Intuit Canada traces its origins to the 1993 acquisition by Intuit of a Canadiantax preparation software developer. In 1992, Edmontonians andUniversity of Alberta graduatesBruce Johnson and Chad Frederick had built atax preparation product called WINTAX – Canada's first[citation needed]Microsoft Windows-based personal tax preparation software. In 1993, they agreed to be acquired by Chipsoft, manufacturer of the U.S. personal income tax softwareTurboTax. Shortly after the WINTAX acquisition, Chipsoft agreed to merge with Intuit, the developer of theQuicken financial software.[44] Intuit Canada continued to update and support the WINTAX software, which was renamed QuickTax in 1995 and then renamed TurboTax in 2010. Intuit Canada quickly became the hub for international development at Intuit, producing localized versions of Quicken andQuickBooks for Canada (in French and English) and the United Kingdom. The U.K. version of Quicken was discontinued in 2005.[45]
In 2008, Intuit Canada discontinued the TaxWiz software and added QuickTax Basic to their lineup. Changes made by theCanada Revenue Agency forced Intuit and other tax preparing software companies to limit the number of returns available from their software to 20. This caused Intuit Canada to stop offering QuickTax Pro50 and Pro100 products, and they now offer QuickTax 20 as an alternative. Intuit Canada has since announced that for the 2010 tax year, they will discontinue use of the name QuickTax and replace it with the nameTurboTax – thus bringing the product in line with Intuit's American tax-filing software.[47]
 | |
| Company type | Private |
|---|---|
| Industry | Software company |
| Founded | 2005; 20 years ago (2005) |
| Founder | Scott Cook Tom Proulx  |
| Headquarters | , India |
| Revenue | 12,726,000,000 United States dollar (2022) |
| 2,571,000,000 United States dollar (2022) | |
| 2,066,000,000 United States dollar (2022) | |
Number of employees | 500+ |
| Website | www |
Intuit India is a fully owned subsidiary ofIntuit, Inc.. Located in the southern city ofBangalore, the India office was started in April 2005. Currently it has more than 500 employees. It is one of the two development centers of Intuit outside the USA, along withIntuit Canada.
A 26 July 2007 Techwhack article (among others) said Intuit-India would expand in international markets, includingIndia,China,Russia, andBrazil. Nilesh Thakker, country manager for India, said there was huge opportunity in these nations. Intuit India is working onpoint-of-sale software for the Indian market and considering hosted versions of products in India, including online banking services for banks.[48]
In Dec 2009, Intuit Inc. and Web 18'smoneycontrol.com announced to provide Personal Finance Management Solutions in India and they signed a three-year partnership to provide a new financial management tool to Indian consumers on India's leading financial portal moneycontrol.com.[49]
In January 2010, Intuit India released Intuit Money Manager, the company's first financial software product developed specifically for consumers in India. The web-based Intuit Money Manager is an innovative personal finance tool.[50][51] This portal aggregated information from multiple bank accounts and credit card accounts. Once connected the portal tracked transactions across bank accounts, credit cards and loan transactions and balances through an interface.
Intuit Money Manager's beta version was launched through MoneyControl in the last week of August 2009. The product was then relaunched in Jan 2011 in partnership withICICI Bank. In 2013,ICICI Bank replaced Intuit Money Manager withYodlee's MoneyCenter which is branded as "My Money from ICICI".[citation needed]
Intuit has had several online communities, some of which offer integration or cross-sells into its other products. These include the QuickBooks and TurboTax online communities for QuickBooks users and small business owners and tax payers respectively, Quicken Online Community for Quicken users and those who need help with the personal finances, and the Accountant Online Community and Jump Up. These communities have consisted of blogs, an expert locator map and event calendar, forums and discussion groups, podcasts, videocasts and webinars, and other user-created content.[53]
JumpUp (formerly JackRabbit Beta) was a free social networking and resources site for small business owners and/or start-ups. Free tools and services included an interactive business planner, online training for developing a successful business plan, starting costs calculator, cash flow calculator, break-even calculator, templates for business planning and sample business plans.[citation needed]
TaxAlmanac was a free online tax research resource. The site included information including the Internal Revenue Code, Treasury Regulations, Tax Court Cases, and a variety of articles. This site was up for closure but due to massive feedback, has reminded up. It has however been archived since June 2014, meaning the existing content can be accessed and viewed but no new posts or comments can be made after this archival.[54]
Modeled afterEnglish Wikipedia, TaxAlmanac was launched in May 2005. The June 6, 2005 edition of Time magazine featured an article entitled "It's a Wiki, Wiki World"[55] about English Wikipedia in which TaxAlmanac was highlighted as "A Community of Customers". The November 21, 2005 edition ofBusiness Week[56] featured an article titled "50 Smart Ways to Use the Web" in which TaxAlmanac was selected as one of the 50. The product made the short list as one of the 7 in the collaboration category. Intuit archives TaxAlmanac effective June 1, 2014.[57] Many of the users have migrated to a new site called TaxProTalk.com.[58]
Zipingo was a freewebsite where users could rate services such ascontractors,restaurants, and other businesses. Ratings and comments were either entered from the website or through Quicken and QuickBooks. The site was closed by Intuit on August 23, 2007.[59]
For the fiscal year 2021, Intuit reported earnings of US$2.062 billion, with an annual revenue of US$9.633 billion, an increase of 25.4% over the previous fiscal cycle. Intuit's shares traded at over $498.18 per share and total international net revenue was less than 5% of total net revenue.
| Year | Revenue in mil. US$ | Net income in mil. US$ | Total assets in mil. US$ | Avg price per share in US$ | Employees |
|---|---|---|---|---|---|
| 2005[60] | 1,993 | 382 | 2,716 | 20.90 | 7,000 |
| 2006[61] | 2,293 | 417 | 2,770 | 27.15 | 7,500 |
| 2007[62] | 2,673 | 440 | 4,252 | 27.52 | 8,200 |
| 2008[63] | 2,993 | 477 | 4,667 | 25.51 | 8,200 |
| 2009[64] | 3,109 | 447 | 4,826 | 25.23 | 7,800 |
| 2010[65] | 3,403 | 574 | 5,198 | 36.26 | 7,700 |
| 2011[66] | 3,449 | 634 | 5,110 | 46.85 | 8,000 |
| 2012[67] | 3,808 | 792 | 4,684 | 54.68 | 8,500 |
| 2013[68] | 3,946 | 858 | 5,486 | 61.67 | 8,000 |
| 2014[69] | 4,243 | 907 | 5,201 | 77.91 | 8,000 |
| 2015[70] | 4,192 | 365 | 4,968 | 93.97 | 7,700 |
| 2016[71] | 4,694 | 979 | 4,250 | 104.02 | 7,900 |
| 2017[72] | 5,177 | 971 | 4,068 | 133.65 | 8,200 |
| 2018[73] | 5,964 | 1,211 | 5,178 | 194.12 | 8,900 |
| 2019[74] | 6,784 | 1,557 | 6,283 | 277.31 | 9,400 |
| 2020[75] | 7,679 | 1,826 | 10,931 | 286.29 | 10,600 |
| 2021[76] | 9,633 | 2,062 | 15,516 | 498.18 | 13,500 |
| 2022[77] | 12,726 | 2,066 | 27,734 | 423.03 | 17,300 |
| 2023[78] | 14,368 | 2,384 | 27,780 | 446.52 | 18,200 |
| 2024[79] | 16,285 | 2,963 | 32,132 | 18,800 |
In 1993, Intuit acquired Chipsoft, a tax preparation software company based in San Diego.[80]
In 1994, the firm acquired the tax preparation software division of Best Programs of Reston, VA.[81] In the same year, Intuit acquired Parsons Technology fromBob Parsons for $64 million.[82][83]
In 1996, it acquired GALT Technologies, Inc of Pittsburgh, PA.[84]
In 1998, it acquiredLacerte Software Corp., which now operates as an Intuit subsidiary.[85] The Lacerte subsidiary focuses on tax software used by professional accountants who prepare taxes for a living. It is generally used by larger firms with more complex workflows and clients.
On March 2, 1999, Intuit acquired Computing Resources Inc. ofReno, Nevada for approximately $200 million. This acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software program.[86] In December 1999, Intuit purchased Rock Financial for a sum of $532M. The company was renamedQuicken Loans. In June 2002, Rock Financial founderDan Gilbert led a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit.[87]
In 2001, Intuit invested in UK market, hiring a local management team led by Stephen Lee, managing director, and Neil Atkins, marketing director, with an aim to become Europe's leading B2B & B2C packaged accounts solution.[citation needed]
In 2002, the firm acquiredManagement Reports International, a Cleveland-based real estate management software firm. The firm was renamed Intuit Real Estate Solutions (IRES) and offers real estate management products for Windows and the web.[88] In 2002, it acquiredEclipse ERP for $88 million, a real-time transaction processing accounting software used for order fulfillment, inventory control, accounting, purchasing, and sales[89]
In 2003, it acquired 'Innovative Merchant Solutions' (IMS).a firm that provided merchant services to all types of businesses nationwide. The acquisition gave Intuit the ability to process credit cards through its core product, QuickBooks, without the need for hardware leasing. They can also provide traditional terminal-based credit card processing and downloading transactions directly into the QuickBooks software.[citation needed]
In November 2005, Intuit acquired MyCorporation.com, an online business document filing service, for $20 million from original founders Philip and Nellie Akalp.[90]
In September 2006, it acquired StepUp Commerce, an online localized product listing syndicator, for $60 million in cash.[91] In December 2006, it acquiredDigital Insight, a provider of online banking services.[92][93]
On August 17, 2007, Intuit soldEclipse ERP toActivant, for $100.5 million in cash .[94]
In December 2007, it acquired Electronic Clearing House[95] to add check processing power.In December 2007, it acquiredHomestead Technologies[96] which offers web site creation and e-commerce tools targeted at the small business market, for $170 million.
In December 2008, it acquiredEntellium, a by-then bankrupt software company that had developed on-demand customer relationship management software.[97]
In April 2009, it acquired Boorah, a restaurant review site.[98] On June 2, 2009, it announced the signing of a definitive agreement to purchase PayCycle Inc., an online payroll services, in an all-cash transaction for approximately $170 million.[99] On September 14, 2009, Intuit Inc. agreed to acquireMint.com, a free online personal finance service, for $170 million.[100][101]
On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions (which Intuit acquired in 2002) as a stand-alone company. The new company took on its previous moniker, and is now known asMRI Software.[102]
On May 21, 2010, Intuit acquired MedFusion, a Cary, NC leader of Patient to Provider communications for approximately $91 million.[103] On August 10, 2010, it. acquired the personal finance management app Cha-Ching.[104] On June 28, 2011, it acquired the Web banking technology assets of Mobile Money Ventures, a mobile finance provider, for an undisclosed amount. This acquisition is expected to position Intuit as the largest online and mobile technology provider to financial institutions.[105]
On May 18, 2012, it. acquired Demandforce, an automated small business marketing, and customer communications SaaS provider for approximately $423.5 million.[106]
On August 15, 2012, it announced an agreement to sell their 'Grow Your Business' business unit toEndurance International. The sale included the Intuit Websites and Weblistings products which had been formed from the Homestead Technologies and StepUp Commerce acquisitions.[107]
On July 1, 2013, it announced an agreement to sell their Intuit Financial Services (IFS) business unit (formerly known as Digital Insight) toThoma Bravo for more than $1.03 billion.[108] On August 19, 2013, it announced that they had sold their Intuit Health business unit (formerly known as MedFusion) back to MedFusion's founder,Steve Malik.[109]
In August 2013, Intuit Inc. acquiredtax planning software Good April for an undisclosed amount.[110] On October 23, 2013, it acquired Level Up Analytics, a data consulting firm.[111] On October 30, 2013, it acquired Full Slate, a developer of appointment scheduling software for small businesses.[112] In November 2013, Intuit acquired Prestwick Services, LLC, and incorporated TruPay into its Employee Management Solutions Division.[113]
In May 2014, Intuit Inc. bought Invitco to help bookkeepers put bill processing in the cloud.[114] In May 2014, it acquired Check for approximately $360 million to offer bill pay across small business and personal finance products.[115] In December 2014, it. acquired Acrede, UK-based provider of global, cross-border and cloud-based payroll services.[116]
In March 2015, Intuit Inc. acquired Playbook HR.[117]
In January 2016, Intuit Inc. announced an agreement to sell Demandforce toInternet Brands.[118] On March 3, 2016, Intuit announced plans to sell Quicken toH.I.G. Capital.[119] On March 8, 2016, it announced plans to sellQuickbase to private equity firmWelsh, Carson, Anderson & Stowe.[120] In October 2016, Intuit acquired Bankstream to integrate direct bank feeds into QuickBooks.[121]
On May 1, 2017, Intuit announced it was selling TruPay.[122] On December 5, 2017, Intuit announced its acquisition of TSheets for $340 million.[123]
On February 24, 2020, Intuit CEO and leader Sasan Goodarzi announced that it planned to acquireCredit Karma for $7.1 billion.[2] On August 3, 2020, Intuit announced its acquisition ofTradeGecko for $100 million.[124]
On September 13, 2021, Intuit announced its acquisition ofMailchimp for $12 billion.[3]
In January 2024, Intuit integrated some of the functions of its personal accounting software Mint intoCredit Karma's net worth product line and retired Mint.[125][40]
Intuit has lobbied extensively against theIRS providing taxpayers with free pre-filled forms, as is the norm in developed countries.[10][11][126]
In 2009, theLos Angeles Times reported that Intuit spent nearly $2 million in political contributions to eliminate free online state tax filing for low-income residents in California.[127] According to theNew York Times, from 2009 to 2014, Intuit spent nearly $13 million lobbying, as reported byOpenSecrets, as much asApple. Intuit spent $1 million on the race for the California state comptroller to support Tony Strickland, a Republican who opposedReadyReturn, againstJohn Chiang, a Democrat who supported ReadyRun (and won). Joseph Bankman, professor of tax law, Stanford Law School, and advocate of simplified filing, believes that the campaign warned politicians that if they supported free filing, Intuit would help their opponents.[128][129]
On March 26, 2013,ProPublica reported that the company lobbied against return-free filing as recently as 2011.[11] One year later, ProPublica reported that the company appeared to be linked to a number ofop-eds and letters toCongress in a campaign advocating against direct tax filing backed by theComputer & Communications Industry Association, an advocacy organization of which Intuit is a member.[130]
In October 2019, Propublica reported again that Intuit used "lobbying, therevolving door anddark pattern customer tricks" to fend off the US government's attempts to make tax filing free and easy, and created its multi-billion-dollar franchise.[131]
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An antitrust lawsuit and a class-action suit relating tocold calling employees of other companieswere settled out of court along withApple andGoogle.[132]
In March 2015,The Washington Post and computer reporterBrian Krebs reported that two former employees alleged that Intuit knowingly allowed fraudulent returns to be processed on a massive scale as part of a revenue-boosting scheme. Both employees, former security team members for the company, stated that the company had ignored repeated warnings and suggestions on how to prevent fraud. One of the employees was reported to have filed a whistleblower complaint with the US Securities and Exchange Commission.[133][134]
The Federal Trade Commission (FTC) has taken legal action against Intuit Inc., the maker of TurboTax software, for deceptive advertising practices. They allege that Intuit's "free" tax filing claims are misleading, as they are not accessible to a significant number of taxpayers, including gig economy workers and those with farm income. To prevent further harm, the FTC has filed both an administrative complaint and a federal district court complaint, seeking to halt Intuit's deceptive advertising. The outcome of this legal action will determine the company's accountability in the matter.[135]
Total international net revenue was less than 5% of consolidated total net revenue for fiscal 2019, fiscal 2018, and fiscal 2017.
The TaxAlmanac.org website will be going offline permanently on 6/1/14. The groups responsible for maintaining the content on this website are no longer able to provide the required maintenance and updates necessary to maintain the website's on-going integrity.
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