Intuit Inc. announced the acquisition of Mobile Money Ventures' mobile Web banking technology assets. Mobile Money Ventures, or MMV, is a provider of mobile financial solutions. Intuit was already offering MMV's mobile banking technology to its bank and credit union clients.

In the announcement of the transaction, Intuit said the acquisition will allow it to directly manage customer support, control the design of its mobile Web banking solutions and bring new innovations to financial institution customers faster.

"This acquisition will help us more rapidly bring new solutions to market so financial institutions can deliver important insights and services when and where their customers need them," said CeCe Morken, president of Intuit financial services and a vice president at Intuit.

Intuit said its Financial Services group is one of its highest growth areas and that expanding mobile offerings to its 1,800 financial institution customers represents a significant opportunity.

Terms of the transaction were not disclosed.