Intuit has sold its real estate management software business to Vista Equity Partners for approximately $128 million in cash.

The private equity firm focuses on investments in software and technology businesses. Intuit Real Estate Solutions, formerly known as Management Reports Inc., is part of Intuit’s global business division and provides software and services to companies in the real estate management and investment industry. Based in Highland Hills, Ohio, it has approximately 340 employees in its worldwide offices and serves more than 1,700 customers.

“Intuit Real Estate Solutions is a great business with a bright future,” said Intuit president and CEO Brad Smith in a statement. “As we’ve focused our strategy on providing connected services that help consumers and small businesses, the Intuit Real Estate Solutions business model and the enterprise customers it serves are no longer a strategic, long-term fit for Intuit.”

The transaction is expected to close by the end of Intuit’s second fiscal quarter on Jan. 31. IRES will be treated as a discontinued operation.


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