Mountain View Intuit to buy property software company

The Associated Press
Wednesday June 05, 2002

The latest in company’s several recent acquisitions 


MOUNTAIN VIEW – Personal finance and small business software maker Intuit Inc. continued its expansion into new specialties Tuesday by announcing plans to acquire Management Reports Inc. for $92 million in cash. 

Cleveland-based Management Reports designs software for the landlords of commercial and residential property. The company employs about 300 workers in 13 offices. Intuit said it expects to retain “virtually all” of Management Reports’ employees, including its chief executive officer, Bob Lasser. 

The Management Reports deal, expected to be completed by July 31, is the latest of several recent acquisitions that Mountain View-based Intuit has made to diversify its business beyond its popular Quicken and TurboTax products. 

Intuit expects Management Reports to boost its revenues by $40 million to $50 million during its next fiscal year beginning Aug. 1. The deal also should slightly increase Intuit’s earnings next year, the company said. 

Intuit’s shares rose 40 cents Tuesday to close at $43.00 on the Nasdaq Stock Market.