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Date Posted: 12/2/2009

Intuit Sells Real Estate Business to Vista Equity

 
 
By Kathryn Glass

FOXBusiness Software-maker Intuit Inc. (INTU) said Tuesday afternoon that it will sell its Real Estate Solutions business to San Francisco-based private equity firm, Vista Equity Partners in an all-cash transaction worth approximately $128 million.

The Highland Hills, Ohio-based division produces software and offers service and support to real estate management and investment companies and employs 340 people globally, according to Intuit’s release.

Intuit said it decided to sell the business because it was “no longer a strategic long-term fit.”

"We are long-term investors in enterprise application software businesses that are committed to being leaders in their markets," said Robert F. Smith, managing principal of Vista Equity Partners, in a statement.

Smith went onto say Vista is impressed by the division’s products and hopes to help the business reach its full potential.

The deal is expected to close by the end of Intuit’s fiscal second quarter, on Jan. 31, 2010.

Shares of Intuit rose 13 cents in after-hours trading, after rising 23 cents or 0.79% to finish Tuesday’s session at $29.44 a share.
 
 


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