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Date Posted: 05/10/2006
Intuit Agrees to Sell Its Master Builder Business
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--May 8, 2006--Intuit Inc. (Nasdaq:INTU - News) today announced it has signed a definitive agreement to sell the assets of its Master Builder® construction management software and solutions business to Sage Software, Inc., a subsidiary of The Sage Group plc (LSE:SGE - News). The transaction, which is subject to customary closing conditions, is expected to close during Intuit's fourth fiscal quarter, which ends July 31, 2006.
Intuit will continue to meet the accounting and business management needs of customers in the construction industry through its line of QuickBooks® offerings, including QuickBooks Contractor Edition software, QuickBooks Easy Estimate, QuickBooks Payroll Services and QuickBooks Payment Services.
Master Builder has quarterly revenue of approximately $5 million. This transaction will not be accounted for as a discontinued operation, and Intuit expects it to have an immaterial impact on fiscal year 2006 pre-tax operating results.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small- and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit had annual revenue of more than $2 billion in its fiscal year 2005. The company has nearly 7,000 employees with major offices in 13 states across the United States, and offices in Canada and the United Kingdom. More information can be found at www.intuit.com.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including Intuit's expectation that its sale of Master Builder will close in the fourth quarter and that the sale will have an immaterial impact on Intuit's fiscal year 2006 pre-tax operating results. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause Intuit's actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: the conditions to closing might not be satisfied or may take longer to satisfy than expected, the purchase agreement could be terminated by the parties in accordance with its terms and the actual impact of the sale on our results could vary due to potential adjustments to the purchase price or unexpected changes in Intuit's overall results for fiscal year 2006. More details about other risks that may impact Intuit's business are included in our Form 10-K for fiscal 2005 and in its other SEC filings. These reports can be located through our Web site at http://www.intuit.com/about_intuit/investors. Forward-looking statements are based on information as of May 8, 2006, and Intuit does not undertake any duty to update any forward-looking statement or other information in this press release.
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.
Contact:
Intuit Inc.
Bob Lawson, 650-944-6165 (Investors)
Robert_Lawson@intuit.com
Holly Anderson, 650-944-3992 (Media)
Holly_Anderson@intuit.com
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Source: Intuit Inc.
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