) said on Monday it would buy privately held personal finance portal Credit Karma in a cash-and-stock deal for about $7.1 billion, as the TurboTax maker seeks to expand further into consumer finance.The deal hands Intuit access to Credit Karma’s trove of financial data on millions of Americans.
“Together with Credit Karma, the customers will have access to all their information in one place, and then we’ll be able to match them with financial products that are right for them,” Chief Executive Officer Sasan Goodarzi said. Credit Karma was valued at about $4 billion based on a funding round in 2018, led by private equity firm Silver Lake.
The transaction would be neutral to accretive to Intuit’s adjusted earnings per share in the first year after the deal closes, which is expected in the second half of 2020.
🙄
Welp, time to stop using Credit Karma. Intuit is toxic.
These finance companies are getting too big again.
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