One of America’s premiere do-it-yourself personal finance and budgeting software programs is being sold by its parent company.
Intuit Inc., the financial software giant behind TurboTax, says it's dropping Quicken to realign its focus.
The sale will allow Intuit “to focus on and invest in businesses that strengthen the ecosystem and align with two strategic goals: to be the operating system behind small business success, and to do the nations’ taxes in the U.S. and Canada,” according to a company press release.
Demandforce and QuickBase will also be sold.
Quicken launched in the 1980s and quickly became the go-to online program for at-home financial planning.
Critics have recently complained of Quicken’s upgrade system that charges users for new software features every few years.
The three-part sale will cut Intuit’s 2016 revenue stream by approximately $250 million, according to the press release, and will reduce company shares by 10 cents.