Who Owns Intuit TurboTax?

Turbo Tax used to be owned by Chipsoft, but in 1993, the company called Intuit bought this financial software. Since then, the software continues to evolve, and these changes became so significant that it helped the company reach the pedestal of success.

Research shows that people spend billions of hours every year preparing their income taxes with the use of the software. This fact serves as the driving force behind Intuit’s TurboTax developers. They know that being able to develop software that speeds up the process of tax preparation would be seen as a great gift by many people. Besides, for the majority of these people, this tax refund will most likely be the largest single check that they will be able to receive in a year. Thus, the experts from Intuit realized that they should not focus solely on making Turbotax a software that possesses all the best functionalities. They realized that it should also be something that elicits a rewarding feeling from the consumer as it helps make the tax preparation process less daunting. It should be the kind of software that takes them faster to that enormous windfall that they have been so eagerly expecting every year.

During the early 2000s, Intuit took advantage of design in confronting the shift to the so-called “free” software. This was when TurboTax competitors were merely offering stripped-down versions of their software with the hope of being able to convince their users to pay for the premium version in order to enjoy more features and upgrades. However, the designers of Intuit’s TurboTax refused to offer a plain version of the software. Instead, they agreed to offer the most beautiful free software on the market. It was then that Intuit’s motto, “Delight, don’t dilute,” was born. This motto became the basis for every bit of improvement made to the overall design of TurboTax free software. Luckily, this motto served as a great strategy that worked wonders in helping the software gain more than 60 percent of the market share.

In 2014, its revenue grew as much as 7 percent, and with this growth, Intuit was also able to gain two points of its competitors’ market share.