Intuit Inc. Overview 

Intuit Inc.

Introduction

Founded in the year 1983 in Palo Alto, California, United States, Intuit Inc is a software solution enterprise that builds and develops financial-based software solutions which can be used in companies, institutions, and accounting professionals whose dealings and operations are related to financial services. Intuit Inc has several products and brands under its management many of which are widely used in the financial sector, including small and medium-size enterprises. Although the company since its establishment had expanded exponentially beyond the shores of the United States to several major countries of the world, including countries in Europe and Asia respectively. However, despite its expansion, the company’s major revenue still accounts for more than two-thirds of its overall emanating from the United States. For example, as of the year 2019, Intuit Inc recorded over 95% of its aggregate revenues from the United States. In its entirety, the company offers its products and services in two distinct categories this include, paid and free offerings. 

Key Facts & Statistics  

Founding Year: Intuit Inc was established in the year 1983 approximately 39 years ago by Scott Cook and Tom Proulx. 

Industrial Ranking: Intuit ranks #27 on the Forbes list of World’s Best Employers 2022.  The company also appeared on America’s Best Employers By States 2022. Additionally, Fortune Magazine ranks Intuit in the 366th position indicating the company as one of the largest corporations by revenue in the United States.   

Company Type: A Public Corporation Company (PLC)      

Market Reach: Intuit Inc has a total number of 20 offices in up to 9 different countries in the world.    

Industry Type: Financial Technology, Enterprise Software  

Trading Type:  Intuit Inc is traded on the New York Stock Exchange (NYSE) market under the ticker symbol, INTU. The company’s stock is a component of the NASDAQ-100, as well as the S&P 500.  

Workforce Strength: Intuit Inc has a total number of 14, 200 employees in its workforce globally as of the year 2022.    

Official Website: www.intuit.com 

Historical Background 

The idea idea to make Intuit a reality was first instilled in the mind of its founder, Scott Cook who had decided to leverage his experience and skills gathered from his previous workplace to envision an invention on the grounds that technologies like computers and smart mobile devices could replace the traditional style of computing and conducting accounting tasks. Sequel to this burning desire, he concluded he would need an expert in the field of programming to collaborate with and help bring his ideas to life, and ultimately, he met with Tom Proulx at Stanford University. 

With the collaboration of these two resourceful individuals, Intuit Inc was birthed. However, as just as it’s typical for several top corporations today who started with a humble beginning, Intuit Inc began its journey in a relatively small room on University Avenue, Palo Alto, California.  

However, shortly after the company opened for operations, it launched the first version of one of its products tagged Quicken which was programmed in Microsoft Basic Programming language. The launching of the products led to the recognition of the company in the marketplace such that Quicken started to compete with similar products in the marketplace.  

Meanwhile, in the year 1991, one of the biggest players in the industry, Microsoft decided to join the competition by responding with the release of a similar product to Quicken tagged with the name, Microsoft Money. However, in a bid to win more customers over, Intuit Inc responded with a strategic marketing plan by including a $15 USD discount coupon which can be accessed and enjoyed by customers who purchase directly from their outlets. Intuit Inc thus became the first digital solution manufacturing firm to roll out a discount. 

In the year 1993, Intuit Inc stepped into the public market with its first IPO on the New York Stock Exchange (NYSE) Market. Following the company’s entry into the public space, it began to acquire more and more companies under its management in a bid to further expand its market capitalization and its overall business operations. In the same year, Intuit Inc bought Chipsoft a company that develops and builds tax software solutions.  

In the year 1994, as a result of the exponential growth witnessed by Intuit Inc with a market cap leveling up to $2 Billion USD, Microsoft Inc get intrigued and offered a deal to buy the company, however, the proposition was abortive. In the same year, however, the company also bought Parson Technology in a deal amounting to a total sum of $64 million USD. 

However, following the abortion of the offer made by Microsoft, Intuit Inc witnessed intense competition from Microsoft and became a major competitor to one of the fast and moving products of the company, Quicken. Nonetheless, Intuit Inc responded by investing more in this segment by releasing several products with newly added advanced features in a bid to become rooted in the marketplace. 

In the year 1996, Intuit Inc bought a tech-focused company based n Pittsburgh, Pennsylvania under the name GALT Technologies, Inc. in the year 1998, it went ahead to purchase Lacerte Software Corporation 

On the 2nd of March 1999, Intuit Inc also bought a computing-based firm in Nevada under the name Computing Resources Inc. in a deal amounting to the sum of $200 million USD. 

In the year 2001, Intuit Inc stepped into the United Kingdom market and recruited experts and experienced-hired in the country in a bid to emerge as one of the top leading Business-2-Business and Business-2-Consumer financial software solution companies in the European industry. 

In the year 2003, Intuit Inc bought a merchant service providing company under the name IMS. The purchase avail Intuit Inc the avenue to leverage one of its products, Quickbooks for credit card processing. 

In the year 2005, November, Intuit Inc bought a digital business data-filling startup under the name, MyCorporation.com in a deal amounting to the sum of $20 million. Bought StepUp Commerce in 2006 for $60 million USD, Digital Insight in December of the same year, and in 2017, the company divested one of its acquired brands under the name, Eclipse ERP in a cash deal amounting to a sum of  $100. 5 million.  

In the year 2010, Intuit Inc bought a company under the name, MedFusion for roughly $ 91 million USD. On the 10th of August, the company also bought an Asia-based company under the name, Cha-Ching. And on the 28th of June, the following year, 2011, Intuit Inc purchased an internet banking solution from a company under the name, Mobile Money Venture.    

In the year 2013, Intuit Inc made it known to the press that it would divest one of its business segments focusing on financial services to a company under the name, Thoma Bravo for a total sum of $1. 03 Billion USD. 

In the year 2018, the company accounted for a total sum of 5 billion USD in its annual revenue alongside a market cap of roughly $50 Billion USD. 

In the year 2018, the company reveals its intention to leverage its Intuit QuickBooks Canada by entering into a partnership deal with a company under the name, Digital Main Street in a bid to help digitalize the Canadian market of small enterprises. 

Key Financials 

The below lines enumerate the company’s key financial snapshot of Intuit Inc as released by Fortune Magazine  

Revenue: $9.  633 Billion USD (Fortune, 2022)   

Net Income (Profit): $2. 062 Billion USD ( Fortune, 2022)   

Total Assets: $15. 516 Billion USD   (Fortune, 2021)   

Total Equity: $9.869 Billion USD  (Fortune, 2021)   

Operating Income: 2. 571 Billion USD  (2022)   

Market Value: $135. 987 Billion USD (Fortune, 2022) 

Product Offerings 

Intuit Inc basically offers its products in four categories which include, Individuals, Small Businesses, Accountants, and for Educators. The lines below explicitly address them in detail. 

For Individuals 

Products include: 

Credit Karma 

QuickBooks Self-Employed 

Mint 

Turbo Tax 

For Small Businesses 

Products include: 

QuickBooks 

QuickBooks Online 

Checks and Tax Forms 

QuickBooks Payroll 

Payments 

QuickBooks Time 

Mailchimp 

For Accountants 

Products include: 

Lacerte Tax 

ProConnect Tax 

ProSeries Tax 

QuickBooks Online Accountants 

For Educators 

Turbo Tax 

Mint 

QuickBooks 

Design for Delight 

Business Segments & Division 

Personal Finance 

Accounting Software 

Tax Return Software  

Content Marketing Software 

Payment processing software 

Partners and Retailers 

Below is the list of partners offering Intut Inc Software solution and services  

Dr Quick Books Inc 

PCRx Inc 

Tulsa Cash Register 

Cyberco 

North Star Ventures 

Faye Business System Group 

Paylocity 

WY Technology 

NetPOS 

DesignR1 Software 

Total Merchant Supply 

Profit Wise 

Conclusion 

Growing a successful technology business in an industry where competition is relatively high is quite commendable because all concerned companies are constantly trying to improve and update their product offerings in a bid to control the majority of the industry market share; a relative example of this is revealed in the history of Intuit Inc in the above section, involving Microsoft Inc who had challenged the company as a strong competitor. Nonetheless, Intuit Inc had proven its resiliency and proactiveness by surmounting all the challenges it had faced over time, hence becoming relevant in the industry hither to this day.