Intuit Completes Acquisition of Web Finance Joint Venture Company Business Editors MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 31, 2000--Intuit Inc. (Nasdaq:INTU) today announced that it has completed its acquisition of the remaining shares of Venture Finance Software Corp. (VFSC), a privately held joint venture company in which Intuit had previously been a minority investor. VFSC, based in Mountain View, Calif., has developed technology that has enabled Intuit to move the functionality of its Quicken desktop software onto the Web. With this technology, Intuit has been able to offer consumers an intuitive service through which they can easily view and pay their bills online, as well as tools that enable them to monitor and manage their personal finances and investment portfolios online. VFSC had licensed its technology to Intuit to provide these services through Quicken and Quicken.com. Intuit acquired all outstanding shares of VFSC in a cash transaction, which closed yesterday and was valued at approximately $115 million. The purchase price was based on a formula that was negotiated at the time of Intuit's original investment in VFSC in May 1998. VFSC will become part of Intuit's consumer finance division. About Intuit Intuit Inc. (Nasdaq:INTU) is the leader in e-finance, including financial software and Web-based financial services for consumers and small businesses. Intuit develops and markets QuickBooks(R), the most popular small business accounting software; Quicken(R), the leading personal finance software; and TurboTax(R), the best-selling tax preparation software. An innovator in delivering Web-based financial tools, Intuit is the leading provider of online tax preparation and filing and online mortgages. Intuit is also breaking new ground as a leader in online bill presentment and payment, and in the delivery of its QuickBooks Internet Gateway platform of connected e-services for small businesses. Intuit's Quicken.com(R) Web site (www.quicken.com) is a leading financial site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses. Note to Editors: Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. Quicken.com and QuickBooks.com, among others, are trademarks and/or service marks of Intuit Inc. --30--jag/sf* dc/sf CONTACT: Intuit Inc. Linda Fellows, 650/944-5436 (Investors) linda_fellows@intuit.com or Ketchum for Intuit Michele Cerza, 650/596-2700 (Media) michele.cerza@ketchum.com KEYWORD: CALIFORNIA INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE ELECTRONIC GAMES/MULTIMEDIA INTERNET SOFTWARE MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com *** end of story *** |