The deal is expected to close in the second quarter of next year and lift Intuit’s fiscal 2022 earnings.
The software firm cited the negative impact of COVID-19 on small business customers and the extension of the tax filing deadline to July 15.
The deal will give the maker of TurboTax access to one of the most popular financial apps for young consumers.
The company's DIY tax prep software was particularly strong in the third quarter, with TurboTax Live users more than tripling year over year.
As a result of the deal, the software company, maker of Quickbooks, will incur an operating loss of as much as $85 million.
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QBO subscribers rose 170,000 to 2.55 million in Q1 as Intuit capitalized on increased small business usage of the cloud.
The software company is aiming to leverage the data it collects from QuickBooks to make working-capital loans of up to $35,000.
T. Rowe Price, J. Crew, Intuit, Symetra Financial, Brinker, Merrimack Pharmaceuticals, Dean Foods, Analog Devices, PS Business Parks, Photronics
The deal will boost Sage's cloud-based financial management offerings as it faces increasing competition for small business customers.
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