Intuit is officially buying credit score company Credit Karma for $7.1 billion, and the stock is spiking

• Intuit is buying credit score monitoring company Credit Karma for $7.1 billion.
• The deal was first reported over the weekend by The Wall Street Journal.
• UBS analyst Jennifer Swanson Lowe said the deal could help provide the boost Intuit needs to ramp up its artificial intelligence offerings.
• The news comes as Intuit reported quarterly earnings. Intuit shares were up some 2.5% at the time of writing.
• Visit Business Insider's homepage for more stories.

Intuit is officially buying credit score monitoring company Credit Karma for $7.1 billion in cash and stock, the company announced on Monday after the market closed. The Wall Street Journal first reported on Saturday that the two companies were in talks about a deal.

The deal is Intuit's largest acquisition ever, and the first big deal since Sasan Goodarzi took over as CEO a little over a year ago.

Intuit's stock was up some 2.5% at the time of the news, which came as the company announced quarterly earnings.

Complimentary Tech Event

Transform talent with learning that works

Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

An analyst said that the deal could provide the boost Intuit needs to ramp up its artificial intelligence offerings.

AI has been a focus for the bookkeeping-software company since its new CEO Sasan Goodarzi took over a little over a year ago. UBS analyst Jennifer Swanson Lowe noted that data is essential to creating AI, and said that Credit Karma is built on using customer data so it would greatly help Intuit's efforts in the space.

Got a tip? Contact this reporter via email at pzaveri@businessinsider.com or Signal at 925-364-4258. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.