Leader in personal finance management seems to be driving the digital future of the industry
MENLO PARK, California., September 9, 2021 / PRNewswire / – Quicken Inc. (“Quicken”), the maker of America’s best-selling personal finance software, announced today that it has entered into a final agreement with Aquiline Capital Partners LLC (“Aquiline”) to acquire a majority stake in the company. Quicken CEO Eric Dunn will continue to have an equity ratio together with other employees. Aquiline, a New York– and London-based private investment company with $ 6.9 billion in assets under management, has expertise investing in financial services and technology companies. The financial terms of the deal were not disclosed.
“Our team is dedicated to giving our customers the tools they need to confidently take control of their finances. I’m hugely proud of the company we’ve built together,” said Quicken CEO Eric Dunn. “We look forward to partnering with Aquiline, whose expertise in financial technology will help us continue our mission to help people live healthier financial lives. We are also grateful for the support and partnership from HIG Capital during the last five years, which allowed us to modernize the business by investing in our family of products and in expanding our customer base. “
Aquiline will buy a majority stake in Quicken Inc. from a subsidiary of HIG Capital, which acquired the company from Intuit Inc. in 2016. Dunn took over as CEO at the same time, leading the company through a period of significant transformation and growth. Under Dunn’s leadership, the company moved to a subscription membership program, modernized Quicken’s user interface, introduced Quicken web and mobile company apps, and launched Simplifi by Quicken, a modern personal finance app for digital natives.
Quicken’s focus on helping people live healthier financial lives enabled the company to drive growth to over 2 million active users and significantly increase its Net Promoter Score (NPS), annual sales volumes and average customer life. Quicken and Simplifi have been recognized as leading products in the field of personal finance That New York Times’ Wirecutter, Fast company, US News & World Report, Investopedia, and PCMag, among other. Together with Aquiline, Quicken intends to invest in continued improvements to its groundbreaking personal financial management offerings, including through collaboration and partnership with other leading fintech innovators.
“Quicken is trusted by millions of customers who trust that it can live a healthy financial life,” he said Vincenzo La Ruffa, Chairman of Aquiline Capital Partners. “As a long-time Quicken user, I have seen first-hand the work that Eric and the team at Quicken have put into building a compelling package of products and services. I am confident of the growth path that lies ahead of us as we work with the company for to expand the range of innovative solutions it offers in the personal financial management space. “
“In 2016, we partnered with the Quicken team to transform the business by focusing on product quality, customer care and innovation. The results have been amazing,” he said. Justin tries, CEO of HIG Capital. “We are proud of the Quicken team’s performance and know they will continue to exceed expectations and lead the industry forward.”
Quicken will retain its current management team and offices in Menlo Park, Tucson, and Bangalore. The transaction is expected to be completed at the end of September. Greenhill & Co acted as financial advisor to Aquiline, and Jefferies acted as the exclusive financial advisor to Quicken in the transaction.
About Quicken Inc.
Quicken is the best-selling personal finance software in the United States For over 30 years, more than 17 million customers have trusted Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps — including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, and Quicken Home & Business — meets a variety of financial needs and device preferences. Simplifi by Quicken, named the “best budgeting app and tools” by That New York Times’ Wirecutter, was added to the Quicken product package in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives easily keep track of their finances. Download Simplifi on Google Play or the App store, and learn more at www.simplifimoney.com.
About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment company based in New York and London invest in companies across financial services and technology, business services and healthcare industries. The company had $ 6.9 billion in assets under management per June 30, 2021. For more information on Aquiline, its investment professionals and its portfolio companies, please visit www.aquiline.com.
About HIG Capital
HIG Capital is a leading global investment company with alternative assets $ 45 billion of equity under management. HIG specializes in providing both debt and equity to small and medium-sized businesses using an operationally focused and value-added approach. The company is based in Miami and has offices in New York, Boston, Chicago, Dallas, The angels, San Francisco, and Atlanta, as well as international affiliated offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo. Since its founding in 1993, HIG has invested in and managed more than 300 companies worldwide. The company’s current portfolio includes more than 100 companies with total sales of over $ 30 billion. For more information, please refer to HIG’s website at www.higcapital.com.
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