Over 6 million people in the USA and Canada utilize Intuit Mint, a freemium individual money administration program. The program links a user’s banking details, such as savings accounts, lines of credit, and invoices, into one location. Clients can check the state of their accounts, manage their expenditures, and maintain a close watch on their assets using Mint, which dynamically refreshes and classifies data in real-time. Mint also offers bill notifications and payment solutions, allowing users to observe and move on their money. Let’s know ‘Does Amazon Own Intuit?’
Mint initially housed corporate network infrastructure, but the company sought to increase its capacity to grow up and down in response to maximum visitor needs. “Every year after 1st of January, Mint sees at least 200 percent spike in internet traffic. “They needed to be ready to dynamically ramp up for that peak demand without investing a lot of money and effort procuring and configuring additional servers each time.
Mint development also desired to devote more effort to the creation of updated software. They are in the industry of assisting individuals in improving their economic positions.
They needed to create outstanding monetary tools rather than maintain the underlying IT infrastructure.
A few of these issues might be addressed by transferring Mint to the internet. “Migrating to the cloud made sense but they wanted to ensure they chose the correct cloud platform. Security is critical since they’re dealing with money information. They required a cloud provider with good security features.
Amazon Web Services
Mint explored using an internal cloud service to serve its website but ultimately elected to relocate Mint to Amazon Web Services. They realized that switching to Amazon Web Services would provide them with a more reliably accessible infrastructure at a lower cost. Amazon Web Services’ security posture also provided them with a lot of trusts.
Mint moved around 100 MySQL servers to Amazon Elastic Compute Cloud at first. One year afterward, the business shut off the data infrastructure that had formerly hosted Mint and transferred its attention to Amazon Web Services to optimize its programs.
They understood they don’t have to manage database IOPS longer, and they also recognized they could save some money by transferring.
Mint also utilizes AWS CloudFormation frameworks to efficiently deploy and administer its AWS resources, and Amazon CloudFront distributes its material, a worldwide content-delivery network solution aimed at accelerating the transmission of webpages and other digital media resources.
Intuit’s Ownership History
Microsoft decided to buy Intuit, the technology company that operates Quicken, the planet’s most famous private finance manager, in October 1994. (PFM). Microsoft would own Quicken’s 70% share of the developing industry for about two billion dollars. The US Bureau of Justice initiated an infringement lawsuit in early 1995, arguing that the deal would provide Microsoft a stranglehold on the US Public financial management sector and a “core element property” with which to dominate online domestic financial products. Microsoft withdrew out of the agreement soon after the litigation, which was unusual given the firm’s persistent march ahead.
The acquisition was effectively wrecked by the Department of Justice, but was the execution justifiable and reasonable?
The argument presented by the Department of Justice is convincing. Competitiveness is what drives development, and Microsoft’s dominance of Quicken would have stifled it. Microsoft’s proposed acquisition demonstrates the company’s refusal to develop its technology despite fierce competitors. Even a 70% customer base may be persuaded by the sheer power of a better offering. Microsoft’s billion-dollar treasuries may be utilized to create that greater product; in the end, the industry will gravitate toward better tools, benefiting all users.
The planned takeover of Intuit is like a toddler practicing checkers. Microsoft is engaged in several games simultaneously, each representing a distinct software segment — operating systems, word processing, databases, PFMs, etc. Every game, except one, is dominated by Microsoft. Although the software behemoth has the bulk of the pieces in the other games, it is having trouble in the Public financial management game; its maneuvers are not equal to Intuit’s fast intellect. Therefore, how does Microsoft operate? It could improve its skills until it reached the same level as Intuit, but that would take forever. Rather, it provides the competitor an inducement to invert the game, much like a spoiled child.
Conclusion
Amazon does not own Intuit. Scott Cook is the founder of Intuit.
He resigned as CEO in 1994, although he is still president and owns a 2.7 percent share in the $7.7 billion (fiscal 2020 revenues) corporation.
Cook and his spouse are huge proponents of academic achievement, donating millions to colleges and investing in various ed-tech companies as investment opportunities.
Cook had intended to seek a Ph.D. in economics but changed his mind after effectively converting his bankrupt college skiing company into the state’s largest.
