Intuit recently released Quicken 2016, the newest version of its 32-year-old personal finance program. The release was met with much fervor, despite the fact that Intuit intends to sell its hallmark product. As Intuit looks to focus more on cloud-based financial solutions, it must shed some of its older properties in order to prepare for the future. That being said, it was with a heavy heart that Intuit decided to part ways with its Quicken software suite. It simply made little financial sense for Intuit to hold onto Quicken, as the desktop software had seen minimal growth over the past decade and only represented 2% of Intuit’s total revenue in 2015. Essentially, the revenue generated by Quicken did not justify the amount of resources that Intuit was putting into it.
"It's one of the most iconic brands out there, but it's 2% of our revenue and the customer base hasn't grown for 20 years,"Intuit CEO Brad Smith told The Sacramento Bee, referring to Quicken.
"It is just an incredibly loyal customer base, and it solves an important problem for a small group of people, and we want to go out and solve big problems that aren't getting solved well. We had to move from trackers to doers, who want to have a reminder, something buzzing in your pocket."
As for the Quicken 2016 suite, the software offers users a bevy of features including the ability to easily interpret complex financials, manage bills, understand credit scores, set budgets, and much more. These capabilities are further magnified when used in conjunction with the free Quicken mobile companion app.
After releasing Quicken 2016, Intuit 2016 will look to find a suitable buyer for the finance software property. Intuit hopes to find a company that will help nurture and support their former flagship product.
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