Intuit Announces Acquisition of Origami Logic

Data Analytics Start-Up Advances A.I.-Driven Expert Platform Strategy

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU) makers
of TurboTax, QuickBooks,
Mint and Turbo,
announced today it has entered into an agreement to acquire Origami
Logic, the makers of an advanced data integration, ingestion, and
analytics platform. Based in Silicon Valley, Origami Logic developed
technology to analyze and gain insights from multiple data sets.

Intuit has been accelerating its strategy to become an A.I.-driven
expert platform, a vision declared by CEO
Sasan Goodarzi
when he stepped into the role in January 2019. This
transaction will support a critical component of Intuit’s goal of
streamlining data structures and architecture to best unlock
opportunities to power prosperity for customers.

As we enter our next chapter of transformation, having a strong data
architecture lies at the heart of Intuit’s strategy to deliver valuable
insights to our customers,” said Sasan Goodarzi, Intuit’s chief
executive officer. “This acquisition will accelerate Intuit’s ability to
organize, understand, and use data to deliver personalized insights that
help customers quickly achieve success and build confidence whenever
they use Intuit products.”

In their quest to serve their customers with marketing insights, Origami
Logic designed a broad and generic platform with a solid foundation and
user-friendly tools. Origami Logic’s platform is capable of collecting
data from a variety of sources and generating insights quickly and
efficiently.

Our focus today has been on applying science to the art of marketing.
The challenges of taming diverse, rapidly changing and overlapping data
sources are universal, and require both technology and human expertise
to solve,” said Opher Kahane, Origami Logic’s chief executive officer
and co-founder. “This has been our focus since our inception, and we are
excited by the opportunity to apply this to the problems Intuit is
solving for millions of customers.”

We are impressed with the way the Origami team tackled their problem
through the development of an elegant platform,” said Marianna Tessel,
Intuit’s chief technology officer. “We are looking forward to
integrating Origami Logic’s platform and expertise into our
infrastructure to accelerate our journey toward delivering end-to-end
experiences that delight customers.”

The transaction is expected to close in the fourth quarter of fiscal
2019, subject to certain customary closing conditions. The transaction
has no material impact on Intuit’s guidance for full fiscal year 2019.
Terms of the transaction have not been disclosed.

About Intuit

Intuit’s mission is to Power Prosperity Around the World. Our global
products and platforms, including TurboTax,
QuickBooks, Mint
and Turbo, are designed to empower
consumers, self-employed and small businesses to improve their financial
lives, finding them more money with the least amount of work, while
giving them complete confidence in their actions and decisions. Our
innovative ecosystem of financial management solutions serves
approximately 50 million customers worldwide, unleashing the power of
many for the prosperity of one. Please visit us for the latest news and
in-depth information about
Intuit
and its brands and find us on social.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including
forecasts of expected growth and future financial results of Intuit and
its reporting segments; Intuit’s prospects for the business in fiscal
2019 and beyond; expectations regarding customer growth; expectations
regarding changes to our products and their impact on Intuit’s business;
and expectations regarding the impact of our strategic decisions on
Intuit’s business.

Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our actual
results to differ materially from the expectations expressed in the
forward-looking statements. These factors include, without limitation,
the following: our ability to compete successfully; our participation in
the Free File Alliance; governmental encroachment in our tax businesses,
our ability to adapt to technological change; our ability to predict
consumer behavior; our ability to protect our intellectual property
rights; our reliance on third party intellectual property; any harm to
our reputation; risks associated with acquisitions and divestitures;
issue of additional shares as consideration or incurring debt to fund an
acquisition; our cybersecurity incidents (including those affecting the
third parties we rely on); customer concerns about privacy and
cybersecurity incidents; fraudulent activities by third parties using
our offerings; failure to process transactions effectively; interruption
or failure of our information technology; ability to maintain critical
third party business relationships; our ability to attract and retain
talent; deficiency in quality, accuracy or timely launch of products;
difficulties in processing or filing customer tax submissions; risks
associated with international operations; changes to public policy, laws
or regulations affecting our businesses; litigation in which we are
involved; seasonal nature of our tax business; changes in tax rates and
tax reform legislation; global economic changes; exposure to credit risk
of the businesses we provide capital to; amortization of acquired
intangible assets and impairment charges; our ability to repay
outstanding debt; our ability to repurchase shares or distribute
dividends; volatility of our stock price; and our ability to
successfully market our offerings. More details about these and other
risks that may impact our business are included in our Form 10-K for
fiscal 2018 and in our other SEC filings. You can locate these reports
through our website at http://investors.intuit.com.
Fiscal 2019 guidance speaks only as of the date it was publicly issued
by Intuit. Other forward-looking statements represent the judgment of
the management of Intuit as of the date of this presentation. We do not
undertake any duty to update any forward-looking statement or other
information in this presentation.

Contacts

Investors
Kim Watkins
Intuit Inc.
650-944-3324
kim_watkins@intuit.com

Media
Diane Carlini
Intuit Inc.
650-944-6251
diane_carlini@intuit.com

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