Intuit Writes Off Fundware

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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.

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