Intuit Announces Acquisition of Next Generation Mobile Financial Solutions Provider

On Tuesday, Intuit – the makers of TurboTax and Quickbooks – announced it has acquired the mobile Web banking technology assets from Mobile Money Ventures (MMV).

MMV – which formed in 2008 as a joint venture that combined the strengths of Citigroup and SK Telecom Americas – has quickly become a leading global provider of next-generation mobile financial solutions.

Intuit says the transaction bolsters the company’s financial services’ position as “a leading online and mobile technology provider to financial institutions.”

In a press release this morning announcing the purchase of MMV, Intuit says it will be able to directly manage customer support and will have full control over the design of its mobile Web banking solutions. According to Intuit, customers of more than 320 US banks and credit unions “actively use” Intuit’s existing mobile Web technology, which was provided by MMV.

“People and businesses are increasingly using mobile devices to get and manage financial information while on the go – they’re always connected,” says CeCe Morken, president of Intuit Financial Services and a vice president at Intuit. “This acquisition will help us more rapidly bring new solutions to market so financial institutions can deliver important insights and services when and where their customers need them.”

Intuit did not disclose financial details of the transaction but noted in its press release that the deal was signed and closed today.