An affiliate of HIG Capital (HIG) has sold Quicken Inc (Quicken) to Aquiline Capital Partners (Aquiline).
Quicken is a leading provider of personal financial management (PF) software and services. Its personal finance software and apps allow users to track and categorise bank and card transactions, pay bills, track and manage investments, budget, and plan for retirement, among other things. The Quicken product line includes solutions that cater to different financial needs and user preferences across systems (Mac and Windows) and devices (desktop, mobile, and web), giving consumers flexible access to their finances. After a successful carve-out transaction from Intuit, Inc, HIG collaborated with Quicken management to transition the Company to a subscription-only model, improve the core product functionality to boost overall customer satisfaction, introduce Quicken web and mobile companion apps, and launch Simplifi by Quicken, a modern personal finance app tailor made for digital natives.
“We would like to thank HIG for their support and guidance over the last five years,” says Eric Dunn, CEO of Quicken. “Together, we have strengthened Quicken’s position as the leader in PFM and enhanced our ability to improve the financial lives of our users. The HIG team has been a great partner and a valuable asset as a sounding board for our management team.”
“We partnered with the Quicken team to transform the business by focusing on product quality, customer care and innovation. The results have been outstanding,” says Justin Reyna, managing director at HIG “We’re proud of the Quicken team’s achievements and know they will continue to exceed expectations and lead the industry forward.”
Jefferies acted as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to HIG and Quicken in connection with the transaction. Greenhill & Co served as financial advisor to Aquiline.
