Intuit Strikes $100 Million Deal With OpenAI

Intuit said Tuesday it has signed a multi-year deal worth more than $100 million with OpenAI to use the ChatGPT maker's artificial intelligence models to power AI agents across its apps such as tax-preparation software TurboTax.

Shares of the Mountain View, California-based company rose 3.4% in premarket trading following the announcement.

The company said its tools such as personal finance portal Credit Karma and accounting software QuickBooks will be directly accessible through ChatGPT, enabling users to get instant financial decisions such as estimating tax refunds, personal loans or mortgage, all within the chatbot experience.

Intuit CEO Sasan Goodarzi said the partnership combines the company's "proprietary financial data, credit models and AI platform capabilities with OpenAI's scale and frontier models to give users the financial advantage they need to prosper."

The company had raised the prices of its QuickBooks online and payroll subscription services in July following the launch of AI agents, systems capable of taking actions on behalf of users.

Intuit expects the partnership to deepen engagement with its roughly 100 million customers and attract new users to its AI-powered tax and financial applications.

The company had forecast first-quarter revenue growth below analysts' estimate in August, hit by sluggish performance at its marketing platform Mailchimp.