Accounting software maker Intuit has put its Information Technology Solutions business, which sells Track-It! software, on the sale block.
The move comes roughly three years after Intuit paid $177 million in cash to acquire what was then known as Blue Ocean Software Inc., a Tampa, Fla.-based IT services company.
"The market for our ITS business has changed," Intuit chief executive Steve Bennett said. "As a result, ITS would require much greater focus and additional investments to be accretive to Intuit's revenue growth rate in the future. We've identified better investment opportunities in our core businesses."
ITS reported $42.3 million in revenue in the first three quarters of fiscal 2005.
Intuit has reportedly hired Credit Suisse First Boston to handle the sale, according to The Deal. During its third-quarter conference call last week, Intuit executives said competitors in the business typically offer a suite of products, including IT software, making it more challenging to sell Track-It products, according to the report.
During the call, Bennett said that, going forward, the company will focus on acquisitions that complement its current products.
"I would not expect us to buy additional stand-alone businesses that don't have much synergy or adjacency to our core QuickBooks ecosystem," he said, according to The Deal.
In Novermber, Intuit sold its American Fundware business -- a Greenwood Village, Colo.-based maker of nonprofit accounting software that it had purchased for $26 million in stock and cash in 2002 -- to San Diego-based Kintera for $11 million in cash.
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