TurboTax Maker Sharpens Focus / Intuit to Sell Financial-Service Division for $1.03 Billion

• BILLY CROSBY for the Wall St Journal writes: 
Software developer Intuit Inc. INT disclosed plans to sell its financial-services division to private-equity firm Thoma Bravo for roughly $1.03 billion and put its health division on the market in order to focus on its tax operations.

The maker of TurboTax do-it-yourself software and QuickBooks small-business accounting software has been reshaping its business, spinning off some low-margin business services to focus on higher margin online services.

But a lackluster tax season hurt its core tax-preparation business this year, hurting its results.

The financial-services deal, which includes Intuit's banking, digital payments and mobile banking platforms, is expected to close in the next few months. Intuit intends to use the proceeds to accelerate the repurchase of its shares. The company will retain its OFX connectivity and Mint.com operations from the division.

As for the health segment, Intuit said it had considered health care a potential growth opportunity, but "structural shifts in the market have evolved in such a way that the business no longer fits within the refocused strategy." It added the health assets will be a better fit for an organization with a stronger focus on the health-care industry.

In fiscal 2012, the two segments contributed revenue of about $320 million, making up about 8% of the total.

Intuit reported in May that its third-quarter earnings rose 12% as the company attracted more online costumers for its small business services.