Financial software company Intuit dropped a bomb while reporting its latest quarterly numbers Thursday: It will be selling off Quicken, its original accounting product, along with QuickBase and Demandforce.
The divestment will help Intuit “focus on and invest in businesses that strengthen the ecosystem and align with two strategic goals: to be the operating system behind small business success, and to do the nations’ taxes in the U.S. And Canada,” the company said in a statement.
Quicken, a pioneer in desktop accounting software, was once Intuit’s core product. It came out in 1984 and even beat out Microsoft’s competitor, Microsoft Money, which was also introduced in the 1980s.
QuickBase and Demandforce are part of Intuit’s multitude of software tools for businesses. Intuit acquired Demandforce only three years ago, for $423.5 million.
Intuit will retain TurboTax, among other software products.
With the sale, Intuit said its revenue for the 2016 fiscal year would drop by about $250 million and that its profits, excluding certain costs and gains, would be 10 cents per share. Intuit’s shares (INTU) fell 2.9% in after hours trading to $99.90.
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