Intuit sells Net bill-payment unit
Princeton eCom, a company that touts itself as the first to present a bill on the Internet, says it acquired Quicken Bill Manager from the financial software maker.
Princeton eCom's acquisition of the online bill-payment and -presentment service is part of a long-term relationship with Intuit in which Princeton eCom will process payments for customers using Quicken personal financial management software.
Princeton, N.J.-based Princeton eCom will provide e-billing and payment services to consumers who receive and pay their bills through the Quicken.com Web site as well as through Excite.com and WebCrawler.
The company will also provide payment services later this year on Intuit's Quicken Desktop software. Princeton eCom will be able to market electronic bill-payment and -presentment services using the "Powered Quicken Bill Manager" name to banks and other financial institutions.
Under the terms of the deal, Princeton eCom acquired the assets of Quicken Bill Manager through purchasing "certain technologies" from Intuit and the outstanding shares of Intuit subsidiary Venture Finance Software. Intuit said it will get either an equity stake in Princeton eCom equivalent to about 20 percent of the company's outstanding shares after the deal closes, or cash.
Quicken Bill Manager allows anyone with a valid U.S. checking account to make online payments to anyone in the United States.
On Tuesday, Mountain View, Calif.-based Intuit confirmed that a glitch in the online version of its Quicken bookkeeping software caused some customers' accounts to duplicate transactions and may have resulted in the display of false information.