MENLO PARK, Calif., Sept. 9, 2021 /PRNewswire/ — Quicken Inc. (“Quicken”), maker of America’s most effective-offering personal finance software program, announced today that it has entered into a definitive agreement for Aquiline Capital Associates LLC (“Aquiline”) to purchase a vast majority stake in the enterprise. Quicken CEO Eric Dunn will continue on to hold an equity stake alongside other workers. Aquiline, a New York– and London-dependent personal financial investment organization with $6.9 billion in property underneath management, has experience investing in economic providers and technology providers. Economical terms of the deal were being not disclosed.
“Our staff is focused to supplying our customers the applications they want to confidently acquire handle of their funds. I am enormously very pleased of the firm we have built collectively,” mentioned Quicken CEO Eric Dunn. “We search ahead to partnering with Aquiline, whose experience in economic engineering will aid us continue on to produce on our mission of encouraging people lead much healthier economic life. We are also grateful for the guidance and partnership from H.I.G. Money around the previous 5 decades, which authorized us to modernize the business enterprise by investing in our loved ones of merchandise and in expanding our buyer base.”
Aquiline will order a greater part stake in Quicken Inc. from an affiliate of H.I.G. Capital, which obtained the corporation from Intuit Inc. in 2016. Dunn joined as CEO at the identical time, major the firm via a period of time of major transformation and advancement. Below Dunn’s management, the company moved to a membership membership system, modernized Quicken’s user interface, introduced Quicken net and cellular companion applications, and released Simplifi by Quicken, a modern particular finance app for digital natives.
Quicken’s emphasis on helping people guide much healthier financial lives enabled the firm to drive growth to around 2 million energetic users and meaningfully increase its Net Promoter Score (NPS), annual sales volumes and common customer lifespan. Quicken and Simplifi have been recognized as primary products and solutions in the private finance space by The New York Times’ Wirecutter, Quick Business, U.S. News & Environment Report, Investopedia, and PCMag, among the other individuals. Jointly with Aquiline, Quicken intends to make investments in continued enhancements to its groundbreaking own financial administration choices, like as a result of collaboration and partnership with other top fintech innovators.
“Quicken is dependable by hundreds of thousands of shoppers, who rely on it to lead balanced money lives,” reported Vincenzo La Ruffa, president of Aquiline Capital Companions. “As a longtime Quicken user myself, I have found firsthand the get the job done Eric and the staff at Quicken have put into developing a compelling suite of items and providers. I am confident in the growth trajectory in advance as we function with the enterprise to extend the selection of progressive alternatives it provides in the own economical management area.”
“In 2016, we partnered with the Quicken staff to remodel the company by focusing on products high quality, shopper care and innovation. The benefits have been astounding,” explained Justin Reyna, controlling director at H.I.G. Money. “We’re very pleased of the Quicken team’s achievements and know they will keep on to exceed expectations and guide the industry ahead.”
Quicken will keep its current management team and offices in Menlo Park, Tucson, and Bangalore. The transaction is predicted to shut in late September. Greenhill & Co served as monetary advisor to Aquiline, and Jefferies served as exclusive fiscal advisor to Quicken in the transaction.
About Quicken Inc.
Quicken is the best-providing own finance program in the U.S. For over 30 decades, a lot more than 17 million customers have relied on Quicken to enable them take control of their funds. Quicken’s award-successful suite of own finance software and applications — which includes Quicken Starter Edition, Quicken Deluxe, Quicken Premier, and Quicken Dwelling & Business enterprise — cater to diverse economic requires and gadget choices. Simplifi by Quicken, named the “ideal budgeting app and instruments” by The New York Times’ Wirecutter, was included to the Quicken solution suite in 2020. Simplifi, a web and cellular application, is made to support a new generation of electronic natives easily continue to be on best of their funds. Obtain Simplifi on Google Play or the Application Retail store, and learn additional at www.simplifimoney.com.
About Aquiline Funds Companions
Aquiline Cash Companions, started in 2005, is a non-public financial commitment company centered in New York and London investing in providers throughout economic products and services and technology, business enterprise providers, and healthcare industries. The firm had $6.9 billion in property beneath administration as of June 30, 2021. For far more data about Aquiline, its expense professionals, and its portfolio organizations, remember to go to www.aquiline.com.
About H.I.G. Cash
H.I.G. Cash is a foremost world-wide alternative assets financial commitment firm with $45 billion of fairness cash less than administration. H.I.G. specializes in giving both personal debt and equity cash to small and mid-sized organizations, making use of an operationally concentrated and worth-additional method. The agency is primarily based in Miami and has workplaces in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta, as very well as international affiliate places of work in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo. Considering that its founding in 1993, H.I.G. has invested in and managed additional than 300 businesses worldwide. The firm’s present portfolio contains more than 100 organizations with mixed profits in excess of $30 billion. For much more info, please refer to the H.I.G. website at www.higcapital.com.