>>>I confident Excite will be powered by CheckFree
Me too...they announced just about as much 27 months ago..IMO.
INTUIT TO INVEST $40 MILLION IN EXCITE
Companies to Create the Premier Personal Finance Channel on the Internet
June 11, 1997 --Intuit (NASDAQ:INTU) and Excite (NASDAQ:XCIT) announced today that Intuit will make a $40 million equity investment in Excite and that the companies are entering into a seven-year agreement to program, promote and distribute a new online financial channel. The alliance combines Excite's core competencies in distribution and programming with Intuit's strengths in financial software and content to create the Web's foremost channel for personal finances.
Large-scale distribution and content relationship
Beginning this summer, the new financial channel will feature content and services designed to help consumers organize and manage their personal financial lives and make better financial decisions. The channel will include financial information and news, stock quotes, directories of services, tracking and decision tools and transactional services. The companies expect that revenue will be generated from a combination of advertising and fees for enabling transactions for financial products and services.
The new financial channel will be distributed throughout the Excite Network - including Excite, WebCrawler and Magellan - as well as through Quicken Financial Network and actively promoted to Quicken's installed base of 10 million software customers.
"With this collaboration, Intuit and Excite have pioneered a new model integrating distribution and content," said George Bell, president and CEO of Excite. "Excite Network's 2.5 million daily users combined with Quicken's 10 million active users will give the companies unprecedented cross-promotion and distribution opportunities."
"The Web truly enables us to improve the way people manage their finances, make financial decisions, and shop for financial services," said Scott Cook, chairman and co-founder of Intuit. "This alliance with Excite will increase the speed with which we will be able to deliver these solutions and dramatically expand the number of people we can reach."
Under the agreement, Intuit will become the exclusive provider and aggregator of financial content on all of Excite's services, and Excite will become the exclusive search and navigation service featured in Intuit's popular Quicken, QuickBooks and TurboTax products.
In the transaction, Intuit will purchase 2.9 million shares of Excite common stock, representing approximately 19 percent of Excite's common shares outstanding (excluding preferred stock and options). Based on a fixed price of $13.50 per Excite share, the transaction is valued at approximately $40 million. The transactions between the two companies have been approved by both Boards. Intuit's investment is subject to certain terms and conditions, including execution of a definitive agreement and obtaining regulatory approval.
About Intuit Inc.
Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software. Intuit's Quicken Financial Network (www.quicken.com) offers a complete set of personal finance news, information, and tools, including the leading mutual fund and insurance sites. Intuit's products and services enable individuals, small businesses, and financial professionals to better manage their financial lives and businesses.
About Excite, Inc.
Founded in 1994, Excite, Inc. is a leading navigation hub on the Internet. The Excite Network consists of four leading brands: Excite (http://www.excite.com) , WebCrawler (http://webcrawler.com), Excite City.Net (http://city.net) and Magellan (http://www.mckinley.com). Excite offers topic-based channels of information where consumers can find topical news and content, reviews and guides, bulletin boards, chat and search. WebCrawler offers consumers simple, but powerful online search solutions. Excite City.Net offers travelers a comprehensive travel resource for travel planning, complete with destination information and transaction capabilities. The Magellan Internet Guide offers a catalog of "green light" or safe sites on the Internet. Based in Redwood City, Calif., Excite, Inc. (NASDAQ: XCIT) has strategic relationships with America Online, Inc., Tribune Company, CUC Investments Inc., Apple Computer, Inc. and Netscape Communications Corp.
Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax, MacInTax, Tax Edge and ProSeries, among others, are registered trademarks or registered service marks of Intuit Inc. or one of its subsidiaries. Quicken Financial Network , InsureMarket and NETworth are trademarks, or service marks of Intuit Inc. or one of its subsidiaries. Open Financial Exchange is a trademark of Intuit Inc., CheckFree Corporation and Microsoft Corporation.
intuit.com
Now the AOL release....
America Online And Intuit Announce Major Multi-Million Dollar Content And Commerce Agreement
Intuit To Be Primary Source of Original Financial Programming For AOL.COM's Personal Finance Web Channel; Agreement Also Includes Tax, Insurance and Mortgage Programming for the Personal Finance and WorkPlace Channels on the AOL Service
Dulles, VA and MOUNTAIN VIEW, CALIF - February 17, 1998 -- America Online, Inc. [NYSE: AOL], the world's leading Internet online service, and Intuit Inc. (NASDAQ: INTU), the world leader in financial software and Web-based services, today announced a new alliance that will make Intuit the primary source of original programming for the Personal Finance Web Channel on AOL.COM, the most visited consumer site in cyberspace.
The exclusive agreement for AOL.COM marks the first time that one party will provide AOL with almost all of the content for a major programming category. Intuit will offer much of the popular financial content found on its popular Website, Quicken.com, on the Personal Finance Web Channel on AOL.COM, allowing AOL.COM to offer both AOL and Web users easy and convenient access to the comprehensive financial tools, content and programming found at Quicken.com.
Under the agreement, Intuit will also be a major anchor tenant in the Personal Finance and WorkPlace Channels, making it the primary source of financial programming on the Tax, Insurance and upcoming Mortgage areas of those Channels on the AOL service. As a result, AOL's more than 11 million members will have easy access to the popular financial resources, expert advice and interactive tools found at Quicken.com. In addition, AOL will become the primary online service provider promoted on all Intuit software.
Over the three-year term of the agreement Intuit guarantees payments to AOL totaling $30 million, with approximately $16 million paid upon signing. AOL will also be eligible for a share of revenues generated through the Intuit offerings once certain revenue thresholds specified in the agreement have been met.
This relationship reinforces AOL's commitment to providing both AOL and AOL.COM users access to first-rate financial information and products, in a simple, easy to use format. Now, AOL members will be able to enjoy the best of Quicken.com's content and services through the popular Personal Finance and WorkPlace Channels, and AOL.COM users will have access to comprehensive, convenient financial programming.
"Intuit is a clear leader in developing original personal finance content, as well as tax and financial software, for both the desktop and the Web," said Bob Pittman, President and COO of America Online, Inc. "We are pleased to have Intuit as a key partner for both AOL and AOL.COM, and as we begin to integrate the Intuit offerings in the next few weeks, we believe our members will really benefit from the top-quality financial information and services that they can find, use and understand quickly and easily." "Teaming up with AOL extends the reach of Intuit's Web offerings more including personal finance, tax and also upcoming small business solutions, and makes our award-winning financial resources and interactive tools, easily and quickly available to an even wider audience," said Bill Campbell, President and CEO of Intuit. "This relationship allies Intuit with one of the premier Internet brands in a way that serves the best interests of consumers and also financial service providers."
Barry Schuler, President, AOL Interactive Services, added, "As our members continue to play more active roles in managing and planning their financial futures, AOL is working hard to provide them with the best information and tools available to meet their needs. Preparing taxes and calculating mortgage and insurance can be daunting chores, but this new partnership with Intuit ensures that these tasks are now much easier through AOL than in the offline world."
"Intuit's mission is focused on providing the finest financial products, services, tools and information to consumers and small businesses. The Internet enables us to better help people save time, save money, and make the best financial decisions," said Bill Harris, Executive Vice President of Intuit. "This partnership with AOL brings the best financial content to the leading consumer Internet site, providing big wins for our end-users and access to millions of online customers for our financial institution partners."
AOL's Personal Finance Channel is one of the most popular and rapidly growing areas on the online service, and is the leading financial destination in cyberspace. It provides 60 million stock quotes per day, maintains over six million active investment portfolios, generates over 13 million financial graphs per month for AOL users. An average of 630,000 users access the Quotes & Portfolios area each trading day - with that number growing by an average of 10,000 new users of the area each day. The Channel also offers access to financial information from popular sources such as Business Week, Hoovers, Disclosure, Morningstar, Reuters, Investors Business Daily, The Motley Fool and Sage. The Personal Finance Channel enables members to research and trade stocks and mutual funds, conduct their online banking, get the most up-to-date business and market news, access detailed financial data, and chat with other members about market trends and financial information.
The Tax and Insurance areas of the AOL Personal Finance Channel also feature IRS documents and information, IRA and retirement planning, insurance calculators and links to major insurance providers, and general personal finance information. AOL's upcoming Mortgage area will include current mortgage quotes, home financing tips and information, as well as other general real estate content.
America Online, Inc., [NYSE: AOL] based in Dulles, Virginia, is the world's leader in branded interactive services and content. America Online operates two worldwide Internet online services: AOL, with more than 11 million members; and CompuServe, with more than 2 million members. America Online also operates AOL Studios, the world's leading creator of original interactive content. Other branded Internet services operated by America Online include AOL.COM, the world's most accessed Web site from home; AOL Instant Messenger, allowing instant communication with all Internet users; and AOL NetFind, AOL's comprehensive guide to the Internet.
Quicken.com is one of the most comprehensive personal finance sites on the Web and one of the most popular, receiving more than two million page views each weekday. Quicken.com channels for Investments, Home & more Mortgage, Taxes, Retirement, Insurance, People & Chat and Savings & Spending help consumers make smart financial decisions, save and make the most of their money. Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal financial software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software. Intuit's Quicken.com Web site offers a complete set of personal financial news, information and tools, including leading investment, mortgage, and insurance sites. Intuit's products and services enable individuals small businesses, and financial professionals to better manage their financial lives and businesses.
Intuit, the Intuit logo, Quicken, QuickBooks and TurboTax, among others, are registered trademarks of Intuit Inc. in the United States and other countries. Quicken.com, among others, is a trademark of Intuit, Inc. in the United States and other countries. Other brands or products are trademarks, serviced marks, registered trademarks, or registered service marks of their respective holders and should be treated as such.
intuit.com;
These releases are not detailed in the exact terms of the content and services to be provided...but with 70 million dollars paid way back then...prompted this springs pissing match over bill pay and e-bill on the channels....if Litan has it right it makes sense to me.
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