8-KOther Events

INTUIT INC. 8-K Report (Jan 29, 2001)

Filed January 29, 2001For Securities:INTU

Summary

This 8-K filing from Intuit Inc. on January 29, 2001, reports the completion of a significant divestiture and strategic partnership. On January 24, 2001, Intuit finalized the sale of selected assets from its wholly-owned subsidiary, Intuit Insurance Services, Inc. (IIS), to InsWeb Corp. This transaction marks a strategic shift, moving Intuit away from direct insurance asset ownership towards a partnership model. As part of the deal, Intuit received a 16.6% equity stake in InsWeb and entered into a 5-year distribution agreement. This agreement designates InsWeb as the exclusive consumer insurance aggregator for Intuit's prominent Quicken.com and QuickenInsurance websites, as well as certain Quicken desktop products. This partnership aims to leverage Intuit's established consumer reach through its Quicken brand while benefiting from InsWeb's aggregation capabilities, with Intuit set to share in associated revenues.

Key Highlights

  • 1Intuit Inc. completed the sale of selected assets from its subsidiary Intuit Insurance Services, Inc. to InsWeb Corp. on January 24, 2001.
  • 2As part of the transaction, Intuit acquired a 16.6% equity interest in InsWeb.
  • 3A 5-year distribution agreement was established between Intuit and InsWeb.
  • 4InsWeb will serve as the exclusive consumer insurance aggregator for Intuit's Quicken.com and QuickenInsurance websites.
  • 5The distribution agreement also covers certain Quicken consumer desktop products.
  • 6Intuit will share in revenues generated from the distribution agreement, subject to certain cash minimums.
  • 7This event was previously announced on November 27, 2000.

Frequently Asked Questions

The primary event is the completion of the sale of selected assets of Intuit's subsidiary, Intuit Insurance Services, Inc., to InsWeb Corp., and the establishment of a strategic distribution partnership between the two companies.

Intuit received an equity interest of 16.6% in InsWeb and entered into a 5-year distribution agreement, under which Intuit will share in associated revenues.

Under the agreement, InsWeb becomes the exclusive consumer insurance aggregator for Intuit's Quicken.com and QuickenInsurance websites, and certain Quicken consumer desktop products. Intuit will share in the revenues generated from this exclusivity.

While the filing doesn't detail the exact financial figures of the asset sale, it indicates that Intuit will gain revenue sharing from the distribution agreement with InsWeb over a 5-year term, subject to cash minimums, and also holds an equity stake in InsWeb.