Press Releases

Intuit Completes Acquisition Of American Fundware, Inc.
Mountain View, Calif., - June 03, 2002 - Intuit Inc. (NASDAQ: INTU) today announced it has completed its acquisition of The Flagship Group, the holding company of American Fundware, Inc., a leading provider of accounting and business management solutions to the public sector, including nonprofit organizations, universities and individual government agencies.

"Acquiring American Fundware is part of Intuit's strategy to provide superior end-to-end business management solutions for organizations in specific vertical industries," said Steve Bennett, Intuit's president and chief executive officer. "The combination of American Fundware's leading solutions and strong management team with Intuit's large customer base, brand and distribution provides a tremendous growth opportunity."

American Fundware is the second acquisition Intuit has made to expand its portfolio of "Right for My Business" vertical business management solutions. In November 2001, Intuit acquired OMware, Inc., a provider of business management solutions for construction companies. "We're seeing very positive early results with our OMware acquisition, both in terms of strong revenue growth and a dramatic increase in the pipeline of active prospects," said Bennett. "These initial results reinforce our enthusiasm about the opportunity for American Fundware – and for future vertical business management acquisitions."

"The FundWare suite of products deliver specialized mission-oriented functionality the public sector demands, including general ledger, project and grant accounting, budget management and advanced allocations, as well as standard bookkeeping and accounting modules. FundWare is ranked #1 by the Nonprofit Financial Center in its latest independent review of 19 accounting software packages. It has received the top rating from CPA Software News in its 2001 review of nonprofit software packages."

American Fundware will operate as a separate business unit, Intuit Public Sector Solutions, based in Denver. The unit is led by Michael Potts, who was the chief executive officer of American Fundware, and will continue to offer its current products and services under the Intuit Fundware brand.

Intuit acquired all of the outstanding shares of The Flagship Group for approximately $22 million in Intuit stock and $4 million in cash. Intuit announced it had reached an agreement to acquire American Fundware on May 9, 2002. The transaction closed on May 31, 2002.
 
About Intuit Inc.

Intuit Inc. (NASDAQ: INTU) is the leading provider of financial software and Web-based services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken®, QuickBooks®, Quicken TurboTax® and Quicken Loans® simplify personal finance, small business management and payroll processing, tax preparation and filing and home loans.

Founded in 1983, Intuit has annual revenue of more than $1 billion and reaches 25 million customers with nearly 6,000 employees in 13 states and four countries. More information can be found  at www.Intuit.com.
 
Cautions about Forward Looking Statements

This press release contains forward-looking statements about events that have not yet occurred. For example, statements in the future tense are forward-looking statements. Actual results may differ materially from the company's expectations because of risks and uncertainties about the future. Intuit will not necessarily update information in this press release if any forward-looking statement later turns out to be inaccurate. Risks and uncertainties that may affect the acquisition and Intuit's offering of American Fundware's products and services, but are not limited to, the following: The anticipated benefits of American Fundware's products and services to Intuit will depend on a number of variables, including the ability to acquire and retain customers. Integration of acquired businesses subjects Intuit to risks and uncertainties associated with retaining and compensating the personnel of acquired companies. Integrating American Fundware and Intuit will create challenges for Intuit's operational, financial and management information systems, which may reduce the intended benefits of the acquisition. The acquisitions could have a negative impact on Intuit's operating results if the integration poses greater than anticipated challenges and risks. Additional information about factors that could affect future results and events is included in Intuit's fiscal 2001 Form10-K and subsequent reports filed with the Securities and Exchange Commission, and at www.intuit.com/company/investors/considerations.html
 
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