Press Releases
| Intuit Completes Acquisition Of CBS Payroll |
| Mountain View, Calif., - June 10, 2002 - Intuit Inc. (NASDAQ: INTU) today announced it has completed its acquisition of CBS Employer Services, Inc., the parent company of CBS Payroll, one of the leading privately held full-service outsourced payroll companies. The acquisition is part of Intuit's "Right for My Business" strategy to provide tools and services that address the unique needs of each small business, including business management services that go beyond accounting. "The acquisition of CBS Payroll enables Intuit to better serve small businesses that want to completely outsource their payroll function," said Steve Bennett, Intuit's president and chief executive officer. "Payroll represents a significant opportunity for additional growth for Intuit, and we now have the management team, technology and sales force to more aggressively pursue that opportunity." CBS Payroll provides comprehensive desktop and Internet-based payroll solutions for more than 12,000 customers nationwide, including payroll processing and record-keeping, payroll tax processing and management reporting. CBS Payroll's sales force is based throughout the U.S. and will begin to cross-sell Intuit's other employer services. Intuit has combined CBS Payroll's payroll services with its existing outsourced payroll services business, with Michael Sykes running the combined business. Sykes had served as chief executive officer of CBS Payroll. Intuit acquired the outstanding shares of CBS Payroll for approximately $78 million. Approximately $74.5 million was paid in cash and the remainder was paid in Intuit stock. Intuit announced its plans to acquire CBS Payroll on May 8, 2002. The transaction closed on June 7, 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 Intuit's offering of CBS Payroll's products and services include, but are not limited to, the following: The anticipated benefits of CBS Payroll's products and services to Intuit will depend on a number of variables, including the ability to acquire and retain customers. The company's ability to retain CBS Payroll's customers may be negatively affected by competitive pricing pressures as well as any perceived uncertainty regarding the company's plans or ability to continue supporting the CBS Payroll products and services as well as Intuit's own payroll products and services. Integrating CBS Payroll and Intuit will create challenges for Intuit's operational, financial and management information systems, which may reduce the intended benefits of the acquisition. In particular, the company currently intends to continue some of CBS Payroll's development, customer support and administrative operations in locations where the company does not have any current operations. This may create operating inefficiencies and communication difficulties. These challenges may be exacerbated if the company is unsuccessful in hiring and retaining the necessary CBS Payroll employees required to perform these continuing operations. The acquisition 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 |
| Intuit, the Intuit logo, Quicken, QuickBooks, and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. or one of its subsidiaries. Quicken.com and Quicken TurboTax for the Web, among others, are trademarks and/or service marks of Intuit Inc. or one of its subsidiaries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such. |