As reported by the Wall Street Journal, Intuit Inc. agreed to buy personal-finance site Mint.com for $170 million, adding to the tax and financial-management company’s offerings in the burgeoning business of providing software as a service.

 

“With this transaction, Intuit will gain another fast-growing consumer brand and a highly successful ‘Software as a Service’ offering that helps people save and make money,” said Intuit CEO Brad Smith.

 

Mint.com is closely held and launched two years ago. Its free service allows consumers to track their expenses and investments. The start-up’s founder and CEO, Aaron Patzer, will become general manager of Intuit’s personal finance group, which includes its Quicken financial management software.

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