Intuit Inc. (NASDAQ: INTU), the leader in personal and small business finance software and Web services in the U.S., and the German software house Lexware, today announced they are forming an alliance to market and sell Intuit products in Germany. The new licensing and marketing agreement allows Lexware to add Intuit's products to its portfolio and manage the current and future marketing, sales, customer service activities and localization of QuickBooks®, Quicken® and QuickSteuer®. The alliance creates one of the most extensive financial software product lines in the country. In addition, Intuit, Lexware and Lexware's parent company, the Rudolf Haufe publishing house, have moved toward long-term cooperation for the development of future products and services, including Internet solutions for Germany.
"To accelerate our growth in Europe, we are creating alliances with companies such as Lexware to leverage local market expertise," said Dan Nye, vice president and general manager of Intuit International Operations. "We remain committed to small businesses and consumers and believe this agreement will allow us to more effectively deliver customized products and services to our customers in Germany. We are also exploring similar agreements in other European markets."
The alliance will enable Intuit to focus on the development of new Internet-based products and services for a global customer base, while increasing its focus on the German market through its cooperation with Lexware. With Intuit's Internet expertise, Lexware's competence in German accounting and financial solutions and Haufe's know-how and content in business, legal and tax affairs, the alliance is uniquely positioned in the German market.
"Lexware, Intuit and our customers will all benefit from this alliance. The synergy of the companies will create an enhanced product line that is unparalleled in Germany," said Dr. Roland Schlager, co-director with Markus Reithwiesner of Lexware. "Intuit's product offerings fit perfectly into our current financial software portfolio."
With the addition of Intuit's products into its portfolio, Lexware will be the leading provider of financial software solutions in Germany. Customers will now be offered a wide range of well-integrated products, including payroll, vacation planning and Haufe's information products. The marketing and sales channel will be strengthened by a variety of in-depth software solutions that support a broad customer base, including single users, accounting novices, and small and medium-sized enterprises.
"Lexware has a long-standing reputation in the German market for providing strong local content in its finance and accounting solutions," said Nye. "This local expertise is a valuable complement to Intuit's leadership in the consumer finance and small business accounting software business."
Last year Lexware doubled in size and reported impressive revenue growth of more than 80 percent. According to Lexware management, the Intuit-Lexware agreement will further drive Lexware's growth. Under the terms of the five-year agreement, Lexware will serve existing Intuit customers as well as bring future Intuit products to the German marketplace. Lexware intends to continue marketing all existing Intuit and Lexware brands.
