Intuit, Inc. has sold its Financial Services division, or IFS, to Thoma Bravo, a leading middle-market private equity firm, in a transaction valued at $1.025 billion. The sale allows Intuit to focus on its flagship products and services that provide business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals and reestablishes the IFS division as a stand-alone company.

Latham advised Intuit in the transaction with a corporate team led by partner Luke Bergstrom in Silicon Valley with associate Daniel Cunha in San Francisco and associates Kathleen Cui and Charlotte Chang in Silicon Valley. Advice was provided on technology transaction matters by partner J.D. Marple and associate Heather Bromfield in Silicon Valley; on tax matters by partner Kirt Switzer and associate Una Au in San Francisco; on antitrust matters by partner Karen Silverman and partner Joshua Holian in San Francisco; on employee benefits and compensation matters by partner James Metz in Silicon Valley and associate Julie Crisp in San Francisco; and on finance matters by partner Glen Collyer and associate Henry Hattemer in Los Angeles.