Intuit has pretty much created a person and small business software monopoly with it’s Quicken and Quickbooks products. Startup Mint blasted onto the scene with a free web based service that was easier to use and didn’t nickel and dime users to death like Quicken. While no one is talking about how much market share Mint took from Quicken,it’s obvious that Intuit saw it as a serious threat to its personal finance monoculture.
Intuit has announced that it is purchasing online personal finance rival Mint for $170 million. That is no small change for the free personal finance service named one of The 100 Best Products of 2008 by PC World.
Intuit has long dominated the world of personal finance software with Quicken in all of its flavors. Microsoft Money was its primary competitor, but Microsoft bailed out of the personal finance software market earlier this year. (PC World)