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Public Council Teleconference: Application Rationalization — Hidden Costs and Smart Decisions
November 17 at 11:00 am US/Eastern (GMT-5)
Join Honorio Padrón, of The Hackett Group, who will share the drivers for companies to tackle application rationalization and the results of research that define the hidden cost of complexity. Additionally, we will discuss key decision milestones—to start or not, holding the course steady and fulfilling expectations.
Virtual Desktop Cost-Benefit Analysis — Michael Jacobs, Catlin Group
The analysis contained in this presentation measures the cost of everything from the machines and licenses to the infrastructure for virtual vs. traditional desktop environments.
Honor your best senior team members - Apply for the CIO Ones to Watch Award
Get well-earned public recognition for your top up-and-coming team members, your IT organization and your enterprise. Award winners will be announced, publicized and feted in May 2010, great timing to help attract new IT recruits to your company.
Learn more about the CIO Executive Council »
Intuit to Pay $1.4B for Digital Insight
With a promise to create new types of online banking services, financial software vendor Intuit has agreed to buy financial ...
November 30, 2006 — CIO —
With a promise to create new types of online banking services, financial software vendor Intuit has agreed to buy financial services provider Digital Insight for US$1.35 billion in cash.
Intuit makes the Quicken and QuickBooks financial management software, while Digital Insight provides outsourced Internet banking services to thousands of financial institutions.
The companies will build closer ties between the workflows in Intuit’s software and the services from Digital Insight, in a bid to make banking online better for consumers and small businesses, they said in announcing the deal on Thursday.
"The next generation of online banking will give a more personalized and intelligent user experience that looks more like Amazon or eBay than most financial institutions do today," said Jeff Stiefler, Digital Insight’s chairman, president and chief executive officer, in a conference call.
Through the deal, Intuit hopes to grow its revenue by persuading more banks to outsource their online banking services instead of building their own, said Steve Bennett, Intuit president and chief executive officer.
Intuit has agreed to pay $39 in cash for each share in Digital Insight, a premium over its closing share price of $33 on the Nasdaq stock market Wednesday.
The companies together will serve close to 5,000 financial institutions, 25 million consumers and 7 million small businesses, they said.
Digital Insight will continue to operate from its facilities in California and Georgia. Its business will be part of a new financial institutions business division within Intuit, with Stiefler serving as its president.
The companies expect to close the deal in the first quarter next year, subject to regulatory review, the approval of Digital Insight shareholders and other closing conditions.
Digital Insight grew its revenue by 16 percent in the third quarter of 2006, to $61.9 million, although it reported a loss on a generally accepted accounting principles basis, of $0.76 per share, including expenses related to stock options and a large impairment charge.
-James Niccolai, IDG News Service (Paris Bureau)
Check out our CIO News Alerts and Tech Informer pages for more updated news coverage.
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