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Intuit Real Estate Solutions sold to Vista Equity Partners

Intuit 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 on 2 December 2009, is valued at approximately USD128m.

Intuit Real Estate Solutions, based in Highland Hills, Ohio, was part of Intuit’s global business division and a provider of software and services to companies in the real estate management and investment industry.

With the close of the transaction, Intuit will treat Intuit Real Estate Solutions as a discontinued operation.

Intuit Real Estate Solutions revenue totalled approximately USD74m in fiscal year 2009 and was expected to be approximately USD80m in fiscal year 2010.

As a result of the sale, Intuit expects to record an increase of approximately ten to 12 cents in GAAP earnings per share in its fiscal second quarter that ends 31 January.

Intuit is a provider of business and financial management solutions for small and mid-sized businesses, financial institutions including banks and credit unions, consumers and accounting professionals.

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