Amid heightened data security awareness and tax fraud concerns, Intuit Inc. (Nasdaq: INTU) announced today plans to acquire Porticor, a leader in cloud-based security, headquartered in Israel.
Porticor’s unique combination of state-of-the-art encryption and patented key management systems protects critical data in public, private and hybrid cloud environments. The transaction is expected to close in the next week.
“Data security news has been in the spotlight lately, and with good reason. From the public cloud to the private cloud and everything in between, customers trust us to keep their data secure. We are seriously enthusiastic about cloud security and we are extremely pleased to learn that Intuit shares that enthusiasm,” said Gilad Parann-Nissany, Porticor’s founder and CEO.
“So today we are delighted to tell you that Porticor has been acquired by Intuit. While this is the end of one chapter, it’s the beginning of a much bigger story for Porticor. We’re excited about this news for many reasons. Mostly, Intuit shares our deep commitment to customers and our passion for protecting their data,” said Parann-Nissany.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks, Quicken and TurboTax, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses.
Founded in 1983, Intuit had revenue of $4.5 billion in its fiscal year 2014. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.