Intuit Inc., a provider of accounting and tax software, is negotiating a deal to buy Credit Karma Inc. for $7 billion in cash and stock, which is expected to be announced Monday, according to the Wall Street Journal.

The expected deal would have Intuit, the company behind Quickbooks and TurboTax software, take over Credit Karma, but allow the firm to operate under its own brand, with its CEO Kenneth Lin, remaining in charge. The deal would also be the largest in Intuit's history. The New York Times has also reported on the acquisition talks, citing two sources. 

San Francisco-based Credit Karma allows consumers to access their personal credit scores and credit reports and has more than 100 million members in the U.S., Canada and U.K. Just last year launched a high yield, FDIC-insured, digital savings account through MVB Bank Inc. 

In March 2018, technology investor Silver Lake acquired a significant minority stake in Credit Karma valued at $500 million, through a strategic secondary offering.  Lin, however, remained the company's largest shareholder. Credit Karma was valued at about $4 billion that year. The company had been the subject of IPO speculation for more than a year, but investors began to sour on the tech sector after the WeWork debacle and other gig economy firms failed to show consistent earnings growth. 

Credit Karma expanded overseas by November 2018 after buying TransUnion's U.K.-based Noddle business.  

A spokesperson for Credit Karma said the company does not comment on rumors or speculation. Intuit officials did not immediately return requests for comment. 

Cover image: Intuit