SOFTWARE INDUSTRY NEWS

Intuit sells real estate solutions business to Vista Equity Partners
03 December 2009 , Written by Dhruv Tanwar
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SME business and financial management solutions provider Intuit Inc. has agreed to the sale of Intuit Real Estate Solutions (IRES) to Vista Equity Partners for approximately $128 million in cash. The deal is still subject to standard approvals and regulatory compliances.

Formerly known as Management Reports, Inc., IRES was part of Intuit’s global business division provides software and services to companies in the real estate management and investment industry. Based in Highland Hills, Ohio, it has around 340 employees globally who serve over 1,700 customers.

Brad Smith, Intuit's President and CEO termed IRES as a “great business with a bright future," while explaining that the sale was mainly on account of a strategic shift towards providing connected services that help consumers and small businesses, into which IRES was “no longer a strategic, long-term fit."

IRES's business model and enterprise customers were seen as a better fit by the $2.5 billion private equity firm Vista Equity Partners that has investments in software and technology-enabled businesses. As “long-term investors in enterprise application software businesses that are committed to being leaders in their markets," Robert F. Smith, managing principal of Vista Equity Partners said he was impressed by IRES’ suite of products, its track record of customer service and its global customer base. “We look forward to working with them to help them reach their full potential", he said.
 

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