With tax filing season coming up, Intuit announced that Credit Karma, the free online tax-filing software provider, has agreed to be acquired by Intuit, which is the parent company of TurboTax.
The deal is valued at $7.1 billion in cash and stock. There has been no report yet on Credit Karma Tax’s (Credit Karma’s free tax-filing tool) future, but it is hard for one company to support two competing products, and building tax software is not cheap, so I am not optimistic.
The Justice Department has not commented on this deal yet.