Intuit Announces Acquisition Of Origami Logic

Intuit Inc. INTU, the maker of TurboTax, QuickBooks and Mint, has entered into an agreement to acquire Origami Logic.

The transaction is expected to close in the fourth quarter, subject to customary closing conditions. Other terms weren't disclosed

Why It's Important

Silicon Valley-based Origami Logic developed technology to analyze and gain insights from multiple data sets. Origami Logic’s platform collects data from a variety of sources and generating insights quickly and efficiently.

Intuit has been growing its strategy to become an A.I.-driven expert platform, a vision declared by CEO Sasan Goodarzi when he stepped into the role in January.

“This acquisition will accelerate Intuit’s ability to organize, understand, and use data to deliver personalized insights that help customers quickly achieve success and build confidence whenever they use Intuit products," Goodarzi said in a press release.

Intuit shares traded around $255.93 at time of publication Tuesday afternoon.

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