https://www.channelfutures.com/wp-content/themes/channelfutures_child/assets/images/logo/footer-new-logo.png
  • Home
  • Technologies
    • Back
    • Analytics
    • Artificial Intelligence
    • Cloud
    • Data Centers
    • Desktop
    • IoT
    • Mobility
    • Networking
    • Open Source
    • RMM/PSA
    • Security
    • Virtualization
    • Voice/Connectivity
  • Strategy
    • Back
    • Best Practices
    • Business Models
    • Channel 101
    • Channel Programs
    • Channel Research
    • Digital Transformation
    • Diversity & Inclusion
    • Leadership
    • Mergers and Acquisitions
    • Sales & Marketing
    • Specialty Practices
  • MSSP Insider
    • Back
    • Business of Security
    • Cloud and Edge
    • Endpoint
    • Network
    • People and Careers
    • Training and Policies
  • MSP 501
    • Back
    • 2021 MSP 501 Application
    • 2020 MSP 501 Rankings
    • 2020 Hot 101 Rankings
    • 2020 MSP 501 Report
  • Intelligence
    • Back
    • Our Sponsors
    • From the Industry
    • Content Resources
    • COVID-19 Partner Help
    • Galleries
    • Podcasts
    • Reports
    • Videos
    • Webinars
    • White Papers
  • EMEA
  • Awards
    • Back
    • Excellence in Digital Services
    • 2021 MSP 501
    • Top Gun 51
  • Events
    • Back
    • CP Conference & Expo
    • Channel Partners Evolution
    • Channel Evolution Europe
    • Channel Partners Event Coverage
    • Webinars
  • Channel Mentor
    • Back
    • Channel Market Intelligence
    • Channel Educational Series
Channel Futures
  • NEWSLETTER
  • Home
  • Technologies
    • Back
    • Analytics
    • Artificial Intelligence
    • Cloud
    • Data Centers
    • Desktop
    • IoT
    • Mobility
    • Networking
    • Open Source
    • RMM/PSA
    • Security
    • Virtualization
    • Voice/Connectivity
  • Strategy
    • Back
    • Best Practices
    • Business Models
    • Channel 101
    • Channel Programs
    • Channel Research
    • Digital Transformation
    • Diversity & Inclusion
    • Leadership
    • Mergers and Acquisitions
    • Sales & Marketing
    • Specialty Practices
  • MSSP Insider
    • Back
    • Business of Security
    • Cloud and Edge
    • Endpoint
    • Network
    • People and Careers
    • Training and Policies
  • MSP 501
    • Back
    • 2021 MSP 501 Application
    • 2020 MSP 501 Rankings
    • 2020 Hot 101 Rankings
    • 2020 MSP 501 Report
  • Intelligence
    • Back
    • Our Sponsors
    • From the Industry
    • Content Resources
    • COVID-19 Partner Help
    • Galleries
    • Podcasts
    • Reports
    • Videos
    • Webinars
    • White Papers
  • EMEA
  • Awards
    • Back
    • Excellence in Digital Services
    • 2021 MSP 501
    • Top Gun 51
  • Events
    • Back
    • CP Conference & Expo
    • Channel Partners Evolution
    • Channel Evolution Europe
    • Channel Partners Event Coverage
    • Webinars
  • Channel Mentor
    • Back
    • Channel Market Intelligence
    • Channel Educational Series
    • Newsletter
  • REGISTER
  • MSPs
  • VARs / SIs
  • Digital Service Providers
  • Cloud Service Providers
  • CHANNEL PARTNERS ONLINE
 Channel Futures

Sales & Marketing


Intuit Dumping Quicken Unit to Focus on SMBs

  • Written by DH Kass 1
  • August 25, 2015
Intuit has put its Quicken unit, including titles Quicken, QuickBase and Demandforce, on the sales block.

Software developer Intuit, largely credited with popularizing desktop-centric personal finance, said it will sell off its $250 million Quicken unit, including titles Quicken, QuickBase and Demandforce, to focus on its SMB business.

Intuit said it will wipe its hands of the Quicken business to focus on sales to small businesses and “to do the nation’s taxes in the U.S. and Canada.” That means it will put its QuickBooks and TurboTax software, both of which command solid cloud-based and subscription sales, front and center in its strategy going forward. Intuit bought Demandforce, which produces marketing for small businesses, in 2012 for some $424 million.

Neil Williams, Intuit chief financial officer, said that “divesting Demandforce, QuickBase and Quicken enables both Intuit and these businesses to focus on meeting the needs of their respective customers, while allowing Intuit to accelerate our ability to deliver on our objectives.”

Without providing specifics, Williams said Intuit will continue to sell and support Quicken, QuickBase and Demandforce until it finds the “right outcome for each business.”

Intuit disclosed its plans to dump the Quicken unit as it announced its FQ4 results in which it posted a 7 percent year-over-year uptick in sales to $696 million and per share GAAP earnings of $0.05, as compared to the $0.10 loss it incurred this time last year.

The vendor also reported full year revenue of $4.2 billion, a 1 percent slide from last year, with per share earnings dropping 59 percent from last year to $1.28 a share. Intuit ended the fiscal year with approximately $1.7 billion in cash and investments.

Intuit projects a rosy view of fiscal 2016, guiding to full year sales of $4.5 billion to $4.6 billion, an 8 percent to 10 percent growth, and GAAP EPS of $2.50 to $2.55, or double what it earned in fiscal 2015.

The decision to dump the Quicken business will reduce revenue in fiscal 2016 by $250 million and pare non-GAAP earnings per share by $0.10, the company said.

Intuit chief executive Brad Smith said on the vendor’s FQ4 earnings call that it’s discarding Quicken because the software is desktop-centric and doesn’t fit into its SMB plans.

“As you know, Quicken is a desktop-centric business and it doesn’t strengthen the small business or tax ecosystems,” said Smith. “Our strategy is focused on building ecosystems and platforms in the cloud. We value our loyal Quicken customers and we’re seeking a buyer who will provide the product support and the service they deserve.”

Where Intuit will find that buyer, of course, is the question.

In late June, Intuit said it had laid off 399 people, or about 5 percent of its 8,000 headcount, in a workforce reduction the Mountain View, CA-based company described as a realignment of its priorities.

Tags: Cloud Service Providers Digital Service Providers MSPs VARs/SIs Sales & Marketing

Related


  • Partner Program Update
    Palo Alto Networks Rolls Out Latest NextWave Partner Program
    NextWave 3.0 will help partners differentiate their services.
  • Accelerate
    OneLogin Hires Juniper Networks Vet to Lead Accelerate Partner Program
    OneLogin last fall expanded its Accelerate partner program to include partner tiering.
  • Cybersecurity
    Fortinet Vet Geoff Kreiling Departs for Deep Instinct
    He plans to build out Deep Instinct's partner program.
  • Atera Investment to Help Company Assist More MSPs, IT Pros
    Atera works closely with more than 6,000 MSPs and IT professionals in 75 countries.

Leave a comment Cancel reply

-or-

Log in with your Channel Futures account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

Related Content

  • AppNeta Launches Global Alliances Program
  • Cybereason Hires Check Point, Fortinet Channel Leaders in North America Expansion
  • UK Channel Expects Big Growth in 2021, Cybersecurity a Big Driver
  • Racially Charged Tweet Costs Alteryx CRO His Job

Galleries

View all

From The Second City: How to Use Improv as a Business Tool

March 3, 2021

Industry Perspectives

View all

Multi-Cloud: Strategy or Inevitable Outcome? (or both?)

March 3, 2021

Backup Vulnerability: 4 Targets Hackers Might Utilize to Infiltrate Your Backup Solution

March 2, 2021

The “Roaring 20s” Are Coming

February 25, 2021

Webinars

View all

A Partner’s Perspective on Channel Success in 2021

March 23, 2021

XDR and Why it Matters to MSPs

March 24, 2021

Top Security Trends Impacting Technology Security Providers In 2021

March 25, 2021

White Papers

View all

Why Fortinet for my MSSP?

March 2, 2021

Small and Mid-Size Business Security: 4 Steps to Success

March 2, 2021

How SMBs Can Secure Endpoints and Remote Workers for the Long Haul

March 2, 2021

Upcoming Events

View all

Channel Partners Conference & Expo

November 1, 2021 - November 4, 2021

Videos and Fastchats

View all

FASTCHAT: How SOAR Eliminates Security Challenges and Elevates Service Provider Revenues

January 6, 2021

Happy Holidays from Channel Partners & Channel Futures!

December 21, 2020

FASTCHAT: How Old, Unpatched Technologies Are Creating New Security Threats for MSPs and Their Customers

December 3, 2020

Twitter

ChannelFutures

Kelly Leonard of @SecondCity talks to us about how improv can be used as a business tool to improve the company cul… twitter.com/i/web/status/1…

March 4, 2021
ChannelFutures

Another amazing day at #CPVirtual. Here's what you missed and what's on tap for Day 3. @Channel_Expo… twitter.com/i/web/status/1…

March 4, 2021
ChannelFutures

Learn how @VMWare can help you build and deliver a #multicloud strategy. #hybridcloud #cloud #AWS… twitter.com/i/web/status/1…

March 3, 2021
ChannelFutures

Learn about the merging of our media websites; plus, a new #MSP Summit this fall. @Channel_Expo… twitter.com/i/web/status/1…

March 3, 2021
ChannelFutures

.@KnowBe4 acquires @MediaPROInc to beef up #cybersecurity training. dlvr.it/RtvdpB https://t.co/FzseCn4K6A

March 3, 2021
ChannelFutures

#COVID19 is ramping up #socialengineering – time for MSSPs to step in. @Electric_AI dlvr.it/RtvRQc https://t.co/ebTJNJcOxz

March 3, 2021
ChannelFutures

.@pluribusnet launches expanded, simplified partner program. #SDN dlvr.it/RtvGtQ https://t.co/bRDqYLEhXJ

March 3, 2021
ChannelFutures

#SupplyChain agility is changing global distribution patterns and #ictservices, says @NeecoICT.… twitter.com/i/web/status/1…

March 3, 2021

MSSP Insider

Newsletters and Updates

Sign up for The Channel Report, Channel Futures Update, MSP 501 Newsletter and more.

Live Channel Events

Get the latest information on the next industry-leading Channel Partners event.

Channel Partners Online

Want more? Find more channel news and analysis on our sister site, Channel Partners.

Media Kit And Advertising

Want to reach our audience? Access our media kit

DISCOVER MORE FROM INFORMA TECH

  • Channel Partners Online
  • Channel Partners Events
  • MSP 501
  • MSSP Insider
  • IoT World Today
  • Webhostingtalk

WORKING WITH US

  • Contact
  • About us
  • Advertise
  • Newsletter

FOLLOW Channel Futures ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookie Policy
  • Terms
Copyright © 2021 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X