Press Releases
| Intuit Agrees to Sell Its Public Sector Software Business |
| MOUNTAIN VIEW, Calif. - November 15, 2004 - Intuit Inc. (Nasdaq: INTU) today announced it has signed a definitive agreement to sell Intuit Public Sector Solutions, or IPSS, to Kintera, Inc. (Nasdaq: KNTA) for approximately $11 million in cash. Intuit announced its decision to sell IPSS on Aug. 18, 2004. The transaction is expected to close during Intuit's second fiscal quarter, which ends Jan. 31, 2005. The transaction is subject to customary closing conditions. Kintera offers software to help nonprofit organizations increase donations, reduce fundraising costs and build awareness and affinity for a cause. IPSS will be treated as a discontinued business for Intuit's accounting purposes. As announced on Aug. 18, Intuit did not include past or future results from IPSS when it developed pro forma first-quarter and fiscal year 2005 guidance. Seven Hills Partners LLC assisted Intuit in this transaction. |
| About Intuit Inc. |
| Founded in 1983, Intuit had annual revenue of nearly $1.9 billion in its fiscal year 2004. The company has nearly 7,000 employees with major offices in 13 states across the U.S., and offices in Canada and the United Kingdom. More information can be found at www.Intuit.com. Intuit and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. |