MENLO PARK, Calif., Sept. 9, 2021 /PRNewswire/ — Quicken Inc. (“Quicken”), maker of America’s greatest-selling personal finance software program, announced today that it has entered into a definitive settlement for Aquiline Funds Partners LLC (“Aquiline”) to purchase a vast majority stake in the enterprise. Quicken CEO Eric Dunn will keep on to maintain an fairness stake together with other personnel. Aquiline, a New York– and London-centered personal expenditure company with $6.9 billion in property under administration, has know-how investing in economical companies and know-how firms. Monetary terms of the offer were being not disclosed.
“Our staff is devoted to giving our customers the instruments they want to confidently take command of their finances. I’m enormously happy of the enterprise we have developed jointly,” mentioned Quicken CEO Eric Dunn. “We search ahead to partnering with Aquiline, whose abilities in monetary engineering will support us continue on to deliver on our mission of supporting persons direct much healthier monetary life. We are also grateful for the help and partnership from H.I.G. Cash about the earlier five several years, which allowed us to modernize the business enterprise by investing in our relatives of products and solutions and in developing our client base.”
Aquiline will purchase a the greater part stake in Quicken Inc. from an affiliate of H.I.G. Cash, which acquired the corporation from Intuit Inc. in 2016. Dunn joined as CEO at the identical time, foremost the business by means of a period of time of considerable transformation and development. Beneath Dunn’s leadership, the business moved to a subscription membership system, modernized Quicken’s person interface, introduced Quicken net and cell companion applications, and introduced Simplifi by Quicken, a fashionable personalized finance application for digital natives.
Quicken’s aim on encouraging men and women lead much healthier financial life enabled the organization to generate growth to above 2 million energetic users and meaningfully improve its Web Promoter Score (NPS), once-a-year gross sales volumes and regular consumer lifespan. Quicken and Simplifi have been identified as major goods in the individual finance house by The New York Times’ Wirecutter, Quick Company, U.S. News & World Report, Investopedia, and PCMag, amongst others. Alongside one another with Aquiline, Quicken intends to invest in continued enhancements to its groundbreaking personal economic management offerings, together with by way of collaboration and partnership with other main fintech innovators.
“Quicken is reliable by tens of millions of consumers, who depend on it to guide balanced financial life,” explained Vincenzo La Ruffa, president of Aquiline Cash Partners. “As a longtime Quicken consumer myself, I’ve seen firsthand the operate Eric and the workforce at Quicken have put into building a powerful suite of solutions and companies. I am self-confident in the expansion trajectory forward as we function with the organization to expand the variety of revolutionary solutions it gives in the individual monetary management place.”
“In 2016, we partnered with the Quicken staff to rework the enterprise by focusing on product high-quality, buyer care and innovation. The effects have been astounding,” mentioned Justin Reyna, handling director at H.I.G. Cash. “We’re proud of the Quicken team’s achievements and know they will go on to exceed anticipations and guide the field ahead.”
Quicken will keep its latest administration workforce and workplaces in Menlo Park, Tucson, and Bangalore. The transaction is envisioned to close in late September. Greenhill & Co served as financial advisor to Aquiline, and Jefferies served as exclusive monetary advisor to Quicken in the transaction.
About Quicken Inc.
Quicken is the most effective-promoting individual finance program in the U.S. For in excess of 30 many years, extra than 17 million shoppers have relied on Quicken to support them acquire manage of their funds. Quicken’s award-profitable suite of personalized finance computer software and applications — together with Quicken Starter Edition, Quicken Deluxe, Quicken Premier, and Quicken Dwelling & Small business — cater to distinct financial desires and machine preferences. Simplifi by Quicken, named the “ideal budgeting app and instruments” by The New York Times’ Wirecutter, was added to the Quicken products suite in 2020. Simplifi, a web and cell app, is developed to support a new generation of digital natives quickly keep on major of their finances. Down load Simplifi on Google Perform or the Application Keep, and discover much more at www.simplifimoney.com.
About Aquiline Money Companions
Aquiline Cash Partners, established in 2005, is a personal financial commitment firm dependent in New York and London investing in providers across money companies and technological innovation, small business products and services, and healthcare industries. The firm experienced $6.9 billion in assets less than administration as of June 30, 2021. For additional information about Aquiline, its financial commitment pros, and its portfolio companies, you should check out www.aquiline.com.
About H.I.G. Money
H.I.G. Funds is a foremost world option property expenditure agency with $45 billion of fairness cash under administration. H.I.G. specializes in offering each debt and equity cash to little and mid-sized companies, utilizing an operationally concentrated and value-included tactic. The firm is dependent in Miami and has workplaces in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta, as nicely as intercontinental affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo. Considering the fact that its founding in 1993, H.I.G. has invested in and managed more than 300 companies throughout the world. The firm’s latest portfolio incorporates much more than 100 firms with mixed profits in excess of $30 billion. For more info, remember to refer to the H.I.G. web-site at www.higcapital.com.