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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.
Founded in 1983, Intuit had annual revenue of $3.2 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
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.
These risks and uncertainties include: the effects of any post-closing adjustments related to the sale of the IRES business, changes in expected tax rates, and changes in the number of Intuit shares outstanding, could affect the expected financial impact of the sale. For information regarding additional risks related to Intuit, see discussion of risks and other factors in documents filed by Intuit with the Securities and Exchange Commission from time to time, including Intuit's Form 10-K for the year ended July 31, 2009, available on Intuit's Web site at www.intuit.com/about_intuit/investors. Forward-looking statements represent the judgment of the management of Intuit as of the date of this release, and Intuit disclaims any intent or obligation to update any forward-looking statements.