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Technology Stocks : Intuit -- What's Its Future? -- Ignore unavailable to you. Want to Upgrade?

To: TLindt who wrote (1212)	6/24/1998 2:20:00 AM
From: chirodoc	Respond to of 1546

Intuit Completes Acquisition of Lacerte; Intuit Acquires Operating Unit With Track Record of High Profits, Improves Its Position in Professional Tax Preparation Software Business Business Wire - June 22, 1998 18:36 %INTUIT INTU %CALIFORNIA %TEXAS %COMPUTERS %ELECTRONICS %COMED %MERGERS %ACQ V%BW P%BW ------------------------------------------------------------------------ MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--June 22, 1998--Intuit Inc. (NASDAQ:INTU) announced today that it has completed the acquisition of Lacerte Software Corporation, the Dallas-based developer of tax preparation software used by professional tax preparers. Under the terms of the agreement announced this past May 18, 1998, Intuit acquired substantially all of the assets and certain liabilities of the privately held Lacerte and a related services company for $400 million in cash. "With the acquisition of Lacerte, Intuit improves its position in the strategic professional tax preparation software business and gains a brand widely respected by tax professionals," said Bill Harris, executive vice president of Intuit. "The acquisition also adds an operating unit that has traditionally been highly profitable, which we expect to be accretive to our earnings on a pro forma basis." Intuit's acquisition of Lacerte received regulatory approval by the Department of Justice June 15. Lacerte, which will operate as a wholly owned subsidiary of Intuit, will be managed by President Randy Zeller. Zeller, who has been with Lacerte for ten years, served as chief operating officer of the company prior to the acquisition. Founder and former president Larry Lacerte, and former vice president, Philip Lacerte have retired from day to day management of the company but continue to serve on its board of directors. The rest of the company's management team remains intact. Lacerte is a provider of professional tax preparation software, electronic filing services, educational services, educational seminars and self study courses used by accountants and tax preparers. Intuit will continue to offer its ProSeries software, also used by professional tax preparers. The Lacerte and ProSeries products feature different user interfaces and functionality. "By offering professional tax preparers a choice of two different approaches to preparing their clients' tax returns, we are better able to serve our customers and better able to compete against the large international tax preparation software companies," said Larry Wolfe, senior vice president of Intuit's tax products division. Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal financial software; TurboTax, the best selling tax preparation software; ProSeries professional tax preparation software; and QuickBooks, the most popular small business accounting software. Intuit's Quicken.com Web site offers a complete set of personal financial news, information and tools, including leading investment, mortgage and insurance sites. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.