Intuit Sells FundWare

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Kintera, which markets Internet-based applications for nonprofit businesses, has acquired Intuit's FundWare operations for $11 million in cash.Kintera acquired Intuit Public Sector Solutions, the unit that marketed FundWare. Intuit had written off the goodwill from its acquisition of FundWare's parent, the Flagship Group, in spring of 2002, Intuit paid $23 million in stock and $4 million in cash for Flagship. Meanwhile, Kintera says that it has sold 2.5 million shares of common stock at $7 per share for aggregate proceeds of $17.5 million.

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