Los Angeles Business Journal

Local Layoffs to Follow Sale of Intuit Unit

By Business Journal Staff Friday, August 2, 2013

The sale of the financial services division of Intuit Inc. to a private equity firm will result in layoffs of 65 workers in Woodland Hills.

The job cuts are expected to be done by September with many of them being service and support specialists.

Intuit Financial Services was acquired Aug. 1 by Thoma Bravo LLC, a private equity firm with offices in San Francisco and Chicago, and became a separately run company named Digital Insight, headquartered in Menlo Park. The company provides mobile and online banking products to banks and credit unions.

At the time of the sale, the financial services division had more than 700 employees in the United States and India. The majority received offers to remain after Thoma Bravo became owner but some positions, including those in Woodland Hills, were identified as not transitioning to the new ownership, an Intuit spokesperson said.

Those employees not included in the transition will receive severance packages from Intuit, the spokesperson said.