Intuit Strikes $100 Million Deal to Integrate OpenAI Models
Intuit announced it has secured a multi-year agreement exceeding $100 million with OpenAI to utilize the AI creator's models for enhancing AI agents in its applications, including the tax software TurboTax. Stock of the company based in Mountain View, California, increased by 3.4 percent in premarket trading after the announcement.
The firm announced that its tools like the personal finance portal Credit Karma and accounting software QuickBooks will be readily available through ChatGPT, allowing users to receive immediate financial outcomes like estimating tax refunds, personal loans, or mortgages, all integrated within the chatbot interface.
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Intuit's CEO Sasan Goodarzi stated that the collaboration merges the company's "exclusive financial data, credit models, and AI platform features with OpenAI's extensive scale and advanced models to provide users the financial edge required for success".
In July, the company increased the costs of its QuickBooks online and payroll subscription services after introducing AI agents, which can perform tasks for users.
Intuit anticipates that the collaboration will enhance interaction with its approximately 100 million clients and draw in new users for its AI-driven tax and financial applications.
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In August, the company projected first-quarter revenue growth that fell short of analysts' expectations, impacted by slow results from its marketing platform Mailchimp.
Intuit is a worldwide financial tech firm that offers software for individuals and small enterprises to handle their financial management. Its well-known offerings feature the tax preparation service TurboTax, the accounting software QuickBooks, the credit monitoring and personal finance platform Credit Karma, and the email marketing service Mailchimp. The organization's goal is to enable everyone to thrive by addressing financial obstacles.
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In 1983, Scott Cook, the founder of Intuit, was at his kitchen table observing his wife having difficulty managing the family checkbook – and he pondered that there had to be a more efficient solution. Leveraging the growing capabilities of personal computers, Scott and Tom Proulx developed Quicken, an innovative approach to utilizing technology for managing personal finances, leading to the creation of Intuit.