Intuit Completes Sale of Intuit Real Estate Solutions to Vista Equity Partners
MOUNTAIN VIEW, Calif. – Jan. 15, 2010 – Intuit Inc. (Nasdaq: INTU) has completed the sale of Intuit Real Estate Solutions to Vista Equity Partners, a private equity firm focused on investments in software and technology-enabled businesses. The transaction, announced Dec. 2, 2009, is valued at approximately $128 million.
IRES, based in Highland Hills, Ohio, was part of Intuit’s global business division and a leading provider of software and services to companies in the real estate management and investment industry.
With the close of the transaction, Intuit will treat IRES as a discontinued operation.
IRES revenue totaled approximately $74 million in fiscal year 2009 and was expected to be approximately $80 million in fiscal year 2010. As a result of the sale, Intuit expects to record an increase of approximately 10 to 12 cents in GAAP earnings per share in its fiscal second quarter that ends Jan. 31.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. The company’s financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
This news release includes forward-looking statements, which are subject to safe harbors created under the U.S. federal securities laws. All statements included in this press release that address activities, events or developments that Intuit expects, believes or anticipates will or may occur in the future are forward-looking statements, including, particularly, the expected effect of the transaction on Intuit’s earnings and the expected revenue generation of Intuit Real Estate Solutions in fiscal year 2010. All forward-looking statements are based on the opinions and estimates of Intuit's management at the time the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.
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