Makers of finance related software applications Intuit has said that they are acquiring software company Digital Insight that specializes in making applications for banking.

The deal is worth around $1.35 billion and it would be conducted in a cash transaction. The deal would see Intuit paying $39 per share for Digital Insight.

This price is an 18 percent premium over the current share prices of the company in the market. Digital Insight CEO Jeff Stiefler would be taking the position of the president of the newly formed financial institutions business unit within Intuit.

Intuit added in a statement that they expect this division to generate profits by 2008.