Intuit to sell real estate software business
MOUNTAIN VIEW, Calif. (AP) — Software maker Intuit Inc. said Tuesday that it will sell Intuit Real Estate Solutions to private equity firm Vista Equity Partners for $128 million in cash.
Intuit Real Estate Solutions, which used to be known as Management Reports Inc., offers software and services to real estate management and investment companies.
The business is based in Highland Hills, Ohio and has 340 employees.
The deal is expected to close by the end of January, and Intuit said the sale will boost its earnings by 10 to 12 cents a share.
The company said it still expects its revenue to grow 4 percent to 8 percent in 2010, even excluding Intuit Real Estate Solutions revenue.
The business contributed $74 million to Intuit's overall fiscal 2009 revenue and was expected to contribute $80 million in fiscal 2010. Intuit reported total revenues in fiscal 2009 of $3.18 billion.
Intuit shares fell 3 cents in after-hours trading, after finishing regular trading up 24 cents at $29.45.