Intuit Inc. today announced it has acquired mobile Web banking technology assets from Mobile Money Ventures, or MMV, a leading global provider of next-generation mobile financial solutions.

“Through the successful joint venture of Citigroup and SK Telecom Americas, MMV has created the next-generation mobile financial services platform, providing customers anytime, anywhere access to their financial information on any device.”

This transaction bolsters Intuit Financial Services’ position as a leading online and mobile technology provider to financial institutions. Intuit will be able to directly manage customer support and will have full control over the design of its mobile Web banking solutions. The acquired assets will also help the company bring new innovations to financial institution customers faster.

Customers of more than 320 U.S. banks and credit unions actively use Intuit’s existing mobile Web technology, which was provided by MMV. Intuit also provides text message and downloadable application solutions to enable financial institution customers to conduct their critical banking tasks from virtually any mobile phone.

“People and businesses are increasingly using mobile devices to get and manage financial information while on the go – they’re always connected,” said CeCe Morken, president of Intuit Financial Services and a vice president at Intuit. “This acquisition will help us more rapidly bring new solutions to market so financial institutions can deliver important insights and services when and where their customers need them.”

Mobile Money Ventures, based in San Mateo, Calif., was formed in 2008 as a joint venture that combined the strengths of Citigroup, a leading, global financial services company, and SK Telecom Americas, an early-stage technology innovator. As an Intuit partner, MMV provided a proven mobile Web banking solution currently reaching more than 400,000 consumers. MMV’s offering is optimized for all major handsets and screen sizes, making it right for all customers – regardless of their mobile device.

“MMV’s mobile money platform provides customers with a seamless mobile connection to their online banking solution,” said Gary Schofield, president and chief executive officer of MMV. “Through the successful joint venture of Citigroup and SK Telecom Americas, MMV has created the next-generation mobile financial services platform, providing customers anytime, anywhere access to their financial information on any device.”

Intuit also gains a small team of employees with significant mobile expertise and a strong history of deploying mobile banking solutions to financial institutions. This team will continue to help existing and new customers on the mobile web banking platform.

This transaction is another step forward in Intuit’s continuous innovation and strategic focus on driving growth through new mobile offerings. Representing one of the highest growth areas for Intuit, there is also significant opportunity for Intuit Financial Services’ base of more than 1,800 financial institutions to expand their mobile offerings to keep up with customer demand.

Intuit signed and closed this transaction today. Terms of the transaction are not material to Intuit’s financial results, and have not been disclosed.

Source: Business Wire