Intuit Inc. announced that it has completed the sale of its Intuit Information Technology Solutions business to Boston-based TA Associates, a private equity and buyout firm.
Intuit, which announced its decision to sell the business in May 2005, will receive approximately $200 million in cash. Intuit had entered the technology solutions business by acquiring Blue Ocean Software Inc. in September 2002, and expects to report a pre-tax net gain on the sale of approximately $40 million in the second quarter of 2006.
TA Associates will name the newly independent company Numara Software Inc., and expects the business to develop and acquire additional new products, enter adjacent market segments and expand its international reach. Numara provides IT help desk and asset management software solutions to small and midsized businesses. The company's core product, Track-It!, enables IT professionals to collect, assign and resolve help desk requests and audit their internal hardware and software assets.
Numara will be headquartered in Tampa, Fla., and has over 45,000 customers.
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