Riverwoods, Ill. (June 9, 2004) -- CCH Tax and Accounting has sold its Enteract personal financial planning software to back to David Stitt, from whom it purchased the product four years ago.
Terms of the deal were not disclosed. The product was CCH's only PFP software program.
Stitt said he and four other executives "inherited" the software, which was originally developed by Successful Money Management Seminars. When SMMS was sold to Reliastar, a division of ING, Stitts and the four execs left to form LifeGoals.com and took the product with them. CCH bought the product in 2000 and hired Stitts to continue its development.
"They [CCH] decided to focus on their core products. Financial planning software was not one of them, so I've taken software back and will continue to develop and support it," Stitts told WebCPA.com.
Stitts, who most recently served as CCH's product manager for financial and estate planning software, has formed EnterAct Software LLC with Ed Morrow, of Middletown, Ohio-based Financial Planning Consultants Inc. Stitts is EnterAct's chief executive.
"Financial Planning Consultants' software, Text Library System, includes a customer relationship management tool and covers all of the compliance issues, while Enteract is the number crunching and analysis tool," Sitts said. He said Enteract has "a couple thousand" users.
CCH will still provide tax research and content support to EnterAct Software LLC.
-- Melissa Klein Aguilar
