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RealTime IT News

Intuit Takes $50 Million Stake In Online Banking Pioneer

Financial software company Intuit Inc. Monday made a $50 million investment in Security First Technologies, the firm behind the nation's first Internet-based bank.

The deal gives Security First Technologies access to Intuit's financial management software and financial tools, including income tax preparation software and electronic filing capabilities.

"This alliance accelerates our delivery of complete financial portal solutuions to our customers, who represent some of the world's largest and most innovative financial institutions," said James S. Mahan III, Security First's chief executive officer.

The companies will integrate their product lines to allow data to be exchanged between their applications. In addition, the deal allows Security First to offer financial management software and services to its financial institution customers.

Last year, Security First got out of the consumer banking business to focus on delivering software solutions and services to banks wishing to offer Internet banking to their customers.

In a separate deal announced Monday, Security First acquired FICS Group N.V., a privately-held provider of regulatory financial reporting and electronic banking software based in Belgium, and Edify Corp. Terms of those deals were not disclosed. Both of the companies will be merged into Security First and will operate under the S1 Corp. name.