MENLO PARK, Calif., September 9, 2021 /PRNewswire/ — Quicken Inc. (“Quicken”), maker of America’s best-selling personal finance software, announced today that it has entered into a definitive agreement for Aquiline Capital Partners LLC (“Aquiline”) to acquire a majority interest in the company. CEO of Quicken Eric Dunn will continue to have a shareholding together with other employees. Aquiline, a New York– and Londonprivate investment company based in $6.9 billion in assets under management, he has investment experience in financial services and technology companies. The finanacial terms of the contract were not disclosed.
“Our team is dedicated to giving our customers the tools they need to confidently take control of their finances. I’m tremendously proud of the company we’ve built together,” said Quicken’s CEO. Eric Dunn. “We look forward to partnering with Aquiline, whose fintech expertise will help us continue to fulfill our mission of helping people lead healthier financial lives. We are also grateful for the support and partnership of HIG Capital over the past five years, which allowed us to modernize the business by investing in our family of products and growing our customer base.”
Aquiline will purchase a majority stake in Quicken Inc. from an affiliate of HIG Capital, which acquired the company from Intuit Inc. in 2016. Dunn joined as CEO at the same time, leading the company through a period of significant transformation and growth. Under Dunn’s leadership, the company transitioned to a subscription membership program, modernized the Quicken user interface, introduced Quicken mobile and web companion apps, and launched Simplifi by Quicken, a modern personal finance app for digital natives.
Quicken’s focus on helping people lead healthier financial lives has enabled the company to drive growth to more than 2 million active users and significantly increase its Net Promoter Score (NPS), annual sales volumes, and lifespan. Average Helpful Customers. Quicken and Simplifi have been recognized as leading products in the personal finance space by the New York Times’ cable cutter, fast company, US News & World Report, Investopediaand PCMag, among others. Together with Aquiline, Quicken intends to invest in continued enhancements to its pioneering personal financial management offerings, including through collaboration and partnership with other leading fintech innovators.
“Quicken is trusted by millions of customers who rely on it to lead a healthy financial life,” he said. Vincent La Ruffa, Chairman of Aquiline Capital Partners. “As a long-time Quicken user, I have seen firsthand the work that Eric and the Quicken team have put into creating a compelling suite of products and services. I am confident in the growth trajectory ahead of us as we work with the company to expand the range of innovative solutions it offers in the field of personal financial management”.
“In 2016, we partnered with the Quicken team to transform the business by focusing on product quality, customer service and innovation. The results have been amazing,” he said. justin king, CEO of HIG Capital. “We are proud of the achievements of the Quicken team and know they will continue to exceed expectations and lead the industry.”
Quicken will retain its current management team and offices in Menlo Park, tucsonand Bengaluru. The transaction is expected to close at the end of September. Greenhill & Co served as financial advisor to Aquiline and Jefferies served as exclusive financial advisor to Quicken on the transaction.
About Quicken Inc.
Quicken is the best-selling personal finance software in the US For more than 30 years, more than 17 million customers have trusted Quicken to help them take control of their finances. Quicken’s award-winning suite of personal finance software and apps, including Quicken Starter Edition, Quicken Deluxe, Quicken Premier, and Quicken Home & Business, caters to a variety of financial needs and device preferences. Simplifi by Quicken Named “Best Budgeting App & Tools” by the New York Times’ cable cutter, was added to the Quicken suite of products in 2020. Simplifi, a web and mobile app, is designed to help a new generation of digital natives easily stay on top of their finances. Download Simplification google play wave app storeand get more information on www.simplifimoney.com.
About Aquiline Capital Partners
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London invest in financial services and technology companies, business services and healthcare sectors. the firm had $6.9 billion in assets under management from June 30, 2021. For more information about Aquiline, its investment professionals and its portfolio companies, please visit www.aquiline.com.
About HIG Capital
HIG Capital is a leading global alternative asset investment firm with $45 billion of the share capital under management. HIG specializes in providing both debt and equity capital to small and medium-sized companies, using a value-added, operations-focused approach. The firm is headquartered in miami and has offices in New York, Boston, chicago, dallas, The Angels, San Franciscoand atlantaas well as international affiliate offices in London, hamburg, Madrid, Milan, ParisBogota, Rio de Janeiro and São Paulo. Since its founding in 1993, HIG has invested in and managed more than 300 companies worldwide. The company’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, see the HIG website at www.highcapital.es.