Typically, a private equity firm that has partly financed a management buyout - in such deals, managers are required to make personal investments to guarantee that they have a vested interest in success - wants out after several years to recoup their investment and, assuming the transition has worked, to take a profit. The sale was a management buyout: Dunn confirmed that he was a "significant personal investor in the transaction." How that will work out over the long term was, not surprisingly, unclear. Their representatives are uninformed and untrained in the most simple issues." "Quicken has the worst customer service of any major company with which I have had to deal. "Like many other Quicken users, I ran into problems with Quicken 2016," complained someone identified only as "John" last month on. Quicken's listing on, the consumer advocacy organization's website, makes for dismal reading: The overall satisfaction rating is one star out of a possible five. With years of data in the company's proprietary format - and few alternatives - they not only feel trapped but also regularly rail about the product.
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In many ways, Quicken is software that users love to hate. "Quicken could probably use some attention to the fit and finish, the polish, usability, resilience and reliability." I'm very aware that Quicken isn't perfect," said Dunn. "We all know that Quicken could use some TLC, some tender loving care, to be as great as it can be.
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The sale, said Dunn, will allow Quicken to double the number of engineers working on the Mac version - which has long lagged behind the Windows edition in features and functionality - and devote more resources to improving the program on the dominant platform, Windows. " confident, as am I, that Quicken will thrive with increased investment, leading to product improvements and advances that will allow Quicken to continue to serve you well for decades to come," Dunn said. Capital, a global private equity firm that manages some $19 billion.Įric Dunn, the head of Quicken, announced the sale in a message and video posted to Intuit's website.
Quicken's contributions to Intuit's bottom line have been minuscule: In the 12 months preceding the August announcement, Quicken, which starts at $35.10 ( Amazon price), contributed just $51 million to the firm's total revenue of nearly $4.2 billion, or slightly more than 1%.īut the company pledged to find a buyer who would invest in the 33-year-old Quicken software. "Our strategy is focused on building ecosystems and platforms in the cloud." "Quicken is a desktop-centric business and it doesn't strengthen the small business or tax ecosystems," said chief executive Brad Smith in a conference call with Wall Street last year.
Last summer, Intuit's CEO explained that Quicken, which unlike QuickBooks and TurboTax lacked a cloud-based service or subscription offer, was essentially a dead end for the company.
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