Intuit to Sell Fundware

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Intuit, which acquired the Fundware not-for-profit accounting package in 2002, is putting the software on the block.

The company cited lack of sales growth as the main reason for the decision. Fundware, operated under the Intuit Public Sector Solutions unit, had $12.8 million in revenue for the year ended July 31, and $12.7 million for fiscal 2003. IPSS had an operating loss of $1.1 million for fiscal 2003 and $600,000 for the most recent year, reporting a $300,00 profit in the fourth quarter.

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