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.