Intuit Announces Acquisition of Origami Logic
May 28 2019 - 11:43AM
Business Wire
Data Analytics Start-Up Advances A.I.-Driven
Expert Platform Strategy
Intuit Inc. (Nasdaq: INTU) makers of TurboTax, QuickBooks, Mint
and Turbo, announced today it has entered into an agreement to
acquire Origami Logic, the makers of an advanced data integration,
ingestion, and analytics platform. Based in Silicon Valley, Origami
Logic developed technology to analyze and gain insights from
multiple data sets.
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the full release here:
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Intuit has been accelerating its strategy to become an
A.I.-driven expert platform, a vision declared by CEO Sasan
Goodarzi when he stepped into the role in January 2019. This
transaction will support a critical component of Intuit’s goal of
streamlining data structures and architecture to best unlock
opportunities to power prosperity for customers.
“As we enter our next chapter of transformation, having a strong
data architecture lies at the heart of Intuit’s strategy to deliver
valuable insights to our customers," said Sasan Goodarzi, Intuit's
chief executive officer. “This acquisition will accelerate Intuit’s
ability to organize, understand, and use data to deliver
personalized insights that help customers quickly achieve success
and build confidence whenever they use Intuit products.”
In their quest to serve their customers with marketing insights,
Origami Logic designed a broad and generic platform with a solid
foundation and user-friendly tools. Origami Logic’s platform is
capable of collecting data from a variety of sources and generating
insights quickly and efficiently.
“Our focus today has been on applying science to the art of
marketing. The challenges of taming diverse, rapidly changing and
overlapping data sources are universal, and require both technology
and human expertise to solve,” said Opher Kahane, Origami Logic’s
chief executive officer and co-founder. “This has been our focus
since our inception, and we are excited by the opportunity to apply
this to the problems Intuit is solving for millions of
customers.”
“We are impressed with the way the Origami team tackled their
problem through the development of an elegant platform,” said
Marianna Tessel, Intuit’s chief technology officer. “We are looking
forward to integrating Origami Logic’s platform and expertise into
our infrastructure to accelerate our journey toward delivering
end-to-end experiences that delight customers.”
The transaction is expected to close in the fourth quarter of
fiscal 2019, subject to certain customary closing conditions. The
transaction has no material impact on Intuit’s guidance for full
fiscal year 2019. Terms of the transaction have not been
disclosed.
About Intuit
Intuit’s mission is to Power Prosperity Around the World. Our
global products and platforms, including TurboTax, QuickBooks, Mint
and Turbo, are designed to empower consumers, self-employed and
small businesses to improve their financial lives, finding them
more money with the least amount of work, while giving them
complete confidence in their actions and decisions. Our innovative
ecosystem of financial management solutions serves approximately 50
million customers worldwide, unleashing the power of many for the
prosperity of one. Please visit us for the latest news and in-depth
information about Intuit and its brands and find us on social.
Cautions About Forward-looking Statements
This press release contains forward-looking statements,
including forecasts of expected growth and future financial results
of Intuit and its reporting segments; Intuit’s prospects for the
business in fiscal 2019 and beyond; expectations regarding customer
growth; expectations regarding changes to our products and their
impact on Intuit’s business; and expectations regarding the impact
of our strategic decisions on Intuit’s business.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from the expectations expressed
in the forward-looking statements. These factors include, without
limitation, the following: our ability to compete successfully; our
participation in the Free File Alliance; governmental encroachment
in our tax businesses, our ability to adapt to technological
change; our ability to predict consumer behavior; our ability to
protect our intellectual property rights; our reliance on third
party intellectual property; any harm to our reputation; risks
associated with acquisitions and divestitures; issue of additional
shares as consideration or incurring debt to fund an acquisition;
our cybersecurity incidents (including those affecting the third
parties we rely on); customer concerns about privacy and
cybersecurity incidents; fraudulent activities by third parties
using our offerings; failure to process transactions effectively;
interruption or failure of our information technology; ability to
maintain critical third party business relationships; our ability
to attract and retain talent; deficiency in quality, accuracy or
timely launch of products; difficulties in processing or filing
customer tax submissions; risks associated with international
operations; changes to public policy, laws or regulations affecting
our businesses; litigation in which we are involved; seasonal
nature of our tax business; changes in tax rates and tax reform
legislation; global economic changes; exposure to credit risk of
the businesses we provide capital to; amortization of acquired
intangible assets and impairment charges; our ability to repay
outstanding debt; our ability to repurchase shares or distribute
dividends; volatility of our stock price; and our ability to
successfully market our offerings. More details about these and
other risks that may impact our business are included in our Form
10-K for fiscal 2018 and in our other SEC filings. You can locate
these reports through our website at http://investors.intuit.com.
Fiscal 2019 guidance speaks only as of the date it was publicly
issued by Intuit. Other forward-looking statements represent the
judgment of the management of Intuit as of the date of this
presentation. We do not undertake any duty to update any
forward-looking statement or other information in this
presentation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190528005582/en/
InvestorsKim WatkinsIntuit
Inc.650-944-3324kim_watkins@intuit.com
MediaDiane CarliniIntuit
Inc.650-944-6251diane_carlini@intuit.com
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