TurboTax owner's acquisition of Credit Karma could spark antitrust concerns [Business News Network (BNN) Energy & Resources (Canada)]
H&R Block, Inc. (HRB)
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Source: Business News Network
TurboTax owner's acquisition of Credit Karma could spark antitrust concerns TurboTax has long been the leader in do-it-yourself tax-filing software. But it has faced increasing competition from a nimble startup, Credit Karma Inc., which has become one of the preferred financial apps for young people by giving out free credit scores and helping them find auto loans and credit cards. And since 2017, it has offered a completely free tax-filing service. Intuit Inc., the parent company of TurboTax, took note and agreed to spend US$7.1 billion to buy Credit Karma last week. Several legal experts say the deal raises serious antitrust concerns, and see parallels to a 2011 attempt by H&R Block Inc. to acquire another DIY tax software company that regulators blocked.The prospect for tech deals may be even weaker now, amid calls for greater federal scrutiny. Increasingly, legal experts are flagging concerns about the harms posed by large companies buying smaller ones before they develop into ser
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