Personal Finance Leader Quicken Inc. Announces New Majority Investment From Aquiline Capital Partners LLC
MENLO PARK, CA. Sept. 9, 2021 -- Quicken Inc. (“Quicken”), maker of America's best-selling personal finance software, announced today that it has entered into a definitive agreement for Aquiline Capital Partners LLC (“Aquiline”) to acquire a majority stake in the company. Quicken CEO Eric Dunn will continue to hold an equity stake alongside other employees. Aquiline, a New York- and London-based private investment firm with $6.9 billion in assets under management, has expertise investing in financial services and technology companies. Financial terms of the deal were not disclosed.
“Our team is dedicated to giving our customers the tools they need to confidently take control of their finances. I’m enormously proud of the company we’ve built together,” said Quicken CEO Eric Dunn. “We look forward to partnering with Aquiline, whose expertise in financial technology will help us continue to deliver on our mission of helping people lead healthier financial lives. We are also grateful for the support and partnership from H.I.G. Capital over the past five years, which allowed us to modernize the business by investing in our family of products and in growing our customer base.”
Aquiline will purchase a majority stake in Quicken Inc. from an affiliate of H.I.G. Capital, which acquired the company from Intuit Inc. in 2016. Dunn joined as CEO at the same time, leading the company through a period of significant transformation and growth. Under Dunn’s leadership, the company moved to a subscription membership program, modernized Quicken’s user interface, introduced Quicken web and mobile companion apps, and launched Simplifi by Quicken, a modern personal finance app for digital natives.
Quicken’s focus on helping people lead healthier financial lives enabled the company to drive growth to over 2 million active users and meaningfully increase its Net Promoter Score (NPS), annual sales volumes and average customer lifespan. Quicken and Simplifi have been recognized as leading products in the personal finance space by The New York Times’ Wirecutter, Fast Company, U.S. News & World Report, Investopedia, and PCMag, among others. Together with Aquiline, Quicken intends to invest in continued enhancements to its pioneering personal financial management offerings, including through collaboration and partnership with other leading fintech innovators.
“Quicken is trusted by millions of customers, who rely on it to lead healthy financial lives,” said Vincenzo La Ruffa, president of Aquiline Capital Partners. “As a longtime Quicken user myself, I’ve seen firsthand the work Eric and the team at Quicken have put into building a compelling suite of products and services. I am confident in the growth trajectory ahead as we work with the company to expand the range of innovative solutions it offers in the personal financial management space.”
“In 2016, we partnered with the Quicken team to transform the business by focusing on product quality, customer care and innovation. The results have been astounding,” said Justin Reyna, managing director at H.I.G. Capital. “We’re proud of the Quicken team’s achievements and know they will continue to exceed expectations and lead the industry forward.”
Quicken will retain its current management team and offices in Menlo Park, Tucson, and Bangalore. The transaction is expected to close in late September. Greenhill & Co served as financial advisor to Aquiline.