Intuit Writes Off Fundware


Intuit, which has announced plans to sell is Fundware not-for-profit accounting line, has written off $18.7 million in impaired goodwill, relating to the purchase of the product via the acquisition of its former owner, the Flagship Group, in 2002.The write-off reduced the amount of goodwill stemming from the purchase to $10.9 million. Intuit, which operated Fundware as part of its Intuit Public Sector Solutions, paid $23.3 million in stock for Flagship and $3.3 million in cash, while assuming $4.7 million in debt. Intuit cited FundWare's failure to meet sales projects as the reason for the impairment charge.

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Register now for FREE site access and more