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H.I.G. Middle Market Closes Quicken Acquisition

April 07, 2016, 07:23 AM
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Related: H.I.G. Capital

H.I.G. Middle Market (“H.I.G.”), the dedicated middle market investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $19 billion of equity capital under management, has closed its acquisition of certain assets comprising the Quicken business (“Quicken”, or the “Company”) from Intuit Inc.

Headquartered in Menlo Park, CA, Quicken is the leading provider of personal financial management software products. With an iconic brand and an unrivaled feature set built over 30 years of product development and customer learning, Quicken is a market leader in personal finance software with millions of loyal customers.

Fraser Preston, Managing Director at H.I.G., commented, “Quicken is the leading product in personal financial management software with a rich heritage of innovation and product development. We view the opportunity to partner with Quicken’s leader Eric Dunn and the entire Quicken team as a chance to restore Quicken to technology leadership and to deliver exceptional products and service to Quicken’s loyal customer base. We look forward to working together with the management team to add great functions and features to the products, to invest in customer care and to continue to improve the overall customer experience.”

“We are thrilled to work with H.I.G.,” said Eric Dunn, CEO of Quicken. “We share core philosophies of taking exceptional care of customers and employees and together we’ll deliver software and services that help our millions of customers achieve their financial goals.”

Union Square Advisors acted as a financial advisor to H.I.G.

For more than 30 years, Quicken, a top personal money management software, has been the trusted financial solution for millions of consumers. Based in Menlo Park, California, Quicken Inc. remains deeply committed to helping individuals and families improve their financial lives. The Quicken product line includes solutions for Mac and Windows users, as well as a mobile app to give consumers anytime, anywhere access to their finances.

H.I.G.’s Middle Market Fund specializes in providing up to $200 million of equity in transactions involving mid-market companies with high-quality, value-added products and services, and attractive growth potential. H.I.G.’s Middle Market Fund aligns itself with committed management teams and will make investments across a wide range of industries and opportunities, from profitable market leaders to underperforming businesses facing unique challenges. We work closely with our management teams and use our in-house operating expertise to help our portfolio companies become industry leaders.

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