Intuit to sell financial services unit for $1 bln

July 1 Mon Jul 1, 2013 8:56am EDT

July 1 (Reuters) - Intuit Inc said it would sell its financial services unit to private equity firm Thoma Bravo for $1.03 billion as it focuses on its core tax-preparation software business.

Intuit, the maker of tax-preparation software TurboTax, will use proceeds from the deal to repurchase shares, the company said in a statement.

Intuit Financial Services provides online and banking software to financial institutions.

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