Intuit sells financial services arm

Intuit said yesterday it would sell its financial services unit to private equity firm Thoma Bravo for $1.03bn as it focuses on its core tax-preparation software business.
Intuit, the maker of tax-preparation software TurboTax, is concentrating on its core business after an unusually weak tax filing season hurt its profits for the first half of the year. Intuit said it would use the proceeds to repurchase shares.