Intuit Sells FundWare

MOUNTAIN
VIEW, (Calif.) — Intuit Inc. has
reached an agreement to sell its Intuit
Public Sector Solutions (IPSS) division
to San Diego-based Kintera for an estimated
$11 million in cash. The agreement comes
about three months after the tax and
accounting software developer announced
it was seeking to divest itself of its
nonprofit-focused software development
arm, formerly known as American Fundware,
which is based in Greenwood Village,
Colo. The sale is expected to close
by January 31, 2005, pending shareholder
and regulatory approvals.

Citing lack of sales growth since it
acquired American Fundware in 2002,
Intuit announced last summer that it
would put the division up for sale.
Intuit engaged the San Francisco-based
merchant banker Seven Hills Partners
to assist in the search for a suitor
for IPSS.

Kintera announced that it plans to integrate
FundWare into its Sphere platform, with
an initial release due out in the first
quarter of 2005. The company said that
it plans to continue to enhance and
support FundWare 7.30 for individual
installations, as well as for Kintera’s
software as a service application. Sphere
will continue to integrate with other
accounting programs.

On
the web: www.Intuit.com