|Intuit Completes Acquisition of Web Finance Joint Venture Company|
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.
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
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
CONTACT: Intuit Inc.
Linda Fellows, 650/944-5436 (Investors)
Ketchum for Intuit
Michele Cerza, 650/596-2700 (Media)
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE ELECTRONIC
GAMES/MULTIMEDIA INTERNET SOFTWARE MERGERS/ACQ
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