Press Releases

Intuit Completes Acquisition Of Management Reports, Inc.
MOUNTAIN VIEW, Calif. - July 15, 2002 - Intuit Inc. (NASDAQ: INTU) today announced it has completed its acquisition of Management Reports, Inc. (MRI), a leading provider of business management software solutions for commercial and residential property managers. The acquisition will enable Intuit to become a key provider in the $400 million global property management software segment.

"Adding MRI to the Intuit portfolio is another key milestone in executing our 'Right for My Business' strategy," said Steve Bennett, Intuit's president and chief executive officer. "This acquisition fits all three elements of our strategy -- serving larger and more complex businesses, providing solutions beyond accounting and providing industry-specific solutions."

MRI is one of five acquisitions that Intuit has made or announced in fiscal 2002 to execute its "Right for My Business" strategy. Intuit has also acquired OMware, Inc., a provider of business management solutions for construction companies, American Fundware, Inc., which provides business management software solutions to public sector organizations and CBS Payroll, which provides a full-service outsourced payroll solution. The company has announced plans to acquire Eclipse, Inc., which provides business management solutions to wholesale durable goods distributors.

Founded in 1971, MRI offers a full range of solutions targeted to the office, industrial, retail and residential real estate segments - from in-house, standalone software to Web-based outsourced solutions. The company supports more than 4,500 software installations worldwide, with clients ranging from owners and managers of smaller office, industrial, retail and residential properties to global real estate investors and insurance companies.

MRI will operate as a separate business unit and will continue to be based in Cleveland. The unit is led by Bob Lasser, who was the chief executive officer of MRI, and will continue to offer its current products and services under the Intuit and MRI brands.

Intuit acquired the outstanding shares of MRI for approximately $92 million in cash. Intuit announced its plans to acquire MRI on June 4, 2002. The transaction closed on July 12, 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 $1.3 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 MRI's products and services include, but are not limited to, the following: The anticipated benefits of MRI's products and services to Intuit will depend on a number of variables, including the ability to acquire and retain customers. Current economic conditions, including softness in the commercial real estate market and reduced levels of spending on information technology, could have a negative impact on customer purchasing decisions. Integration of acquired businesses subjects Intuit to risks and uncertainties associated with retaining and compensating the personnel of acquired companies. Integrating MRI and Intuit will create challenges for Intuit's operational, financial and management information systems, due in part to MRI's operations in several foreign locations where Intuit does not currently do business. 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 Form 10-K and subsequent reports filed with the Securities and Exchange Commission, and at www.intuit.com/company/investors/considerations.html

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