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Inuit near deal to buy Credit Karma

Published : Monday, 24 February, 2020 at 5:53 PM  Count : 302

Inuit near deal to buy Credit Karma

Inuit near deal to buy Credit Karma


The TurboTax maker Inuit Inc. is close to a deal to buy private-technology portal Credit Karma Inc. for roughly $ 7 billion, the Wall Street Journal reported, according to anonymous sources.

The deal, which will be in cash and reserves, will push Intuit to the online consumer finance sector. The company is expected to announce the deal on Monday, people familiar with the matter told the newspaper.
The acquisition will be Intuit’s largest in its 37-year history. Intuit shares have risen about 14% since the beginning of the year, and are expected to report second quarter earnings on Monday.

Credit operations at a start-up headquarters in San Francisco were estimated at approximately $ 4 billion a private share sale nearly two years ago. The platform offers users free access to credit scores and reports and offers personalized loan and credit card recommendations based on the user's credit history.

One person told The Journal that under the deal, Credit Karma would operate as a sole business with its chief executive, Kenneth Lynn.-Internet

GY

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