Raleigh entrepreneur Steve Malik sold the company he founded, Medfusion, to Intuit in 2011 for $91 million.
On Tuesday, Malik and Intuit (Nasdaq: INTU) disclosed that he had bought the company back. Its focus is electronic health records.
“I have indeed bought back Intuit Health,” Malik told WRALTechWire via email.
Last month, Intuit had said it would sell the health group as part of a reorganization.
“Today Intuit announced that it has sold the Intuit Health Group to Entrepreneur Steve Malik,” Intuit said in a statement.
“The current support and implementation services will continue as the company comes together under new leadership.”
A spokesperson for Malik in Raleigh said that he was “not at liberty to disclose any further details at this time.”
“Intuit Health is going to be issuing its own press release on the news tomorrow morning,” the spokesperson added.
On July 2, Malik told WRALtechWire that he was concentrating on investing in triangle-area startups and was not interested in reacquiring Intuit Health.
In its quarterly earnings report, Intuit noted that it had completed the “divestiture” of Intuit Health on Monday.
“Just this past month, we sold Intuit Financial Services and the Intuit Health Group, two businesses that no longer aligned with our go-forward strategy,” Intuit CEO Brad Smith said in a conference call.
“These organizational changes have transformed Intuit from a portfolio of businesses into an ecosystem that builds durable competitive advantage by working together,” he added.
Intuit is based in California.
