Business and financial management solutions provider Intuit Inc. (INTU), Friday said it 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, which was announced on December 2, 2009, is valued at approximately $128 million.
Intuit Real Estate Solutions or IRES, based in Highland Hills, Ohio, was part of the company's global business division and provided software and services to companies in the real estate management and investment industry.
Mountain View, California-based Intuit said that with the close of the transaction, it would treat IRES as a discontinued operation.
According to the company, IRES revenue totaled approximately $74 million in fiscal year 2009 and was expected to be approximately $80 million in fiscal year 2010. As a result of the sale, Intuit expects to record an increase of approximately 10 to 12 cents in GAAP earnings per share in its fiscal second quarter that ends January 31.
Intuit said that its annual revenue in its fiscal year 2009 was $3.2 billion. The company has approximately 7,800 employees with offices in the United States, Canada, the United Kingdom and India.
INTU closed Friday's last trade at $31.46, down $0.32 or 1.01%, on a volume of 3.68 million shares on the Nasdaq.
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