Vista Equity Partners has completed its $128 million acquisition of Intuit Real Estate Solutions from Intuit Inc. (Nasdaq: INTU).
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.