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| Intuit Completes Its Acquisition Of EmployeeMatters |
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| Acquisition Advances Intuit's Small Business Strategy |
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MOUNTAIN VIEW, Calif. -
December
21,
2000 -
Intuit Inc. (NASDAQ: INTU), a leading provider of small business accounting and management solutions, today announced it has completed its acquisition of EmployeeMatters, Inc. (www.employeematters.com), a Stamford, Conn.-based provider of human resource management, benefits and payroll services via the Internet. Intuit announced it had reached an agreement to acquire EmployeeMatters on Nov. 16, 2000.
"The acquisition of EmployeeMatters advances Intuit's strategy to expand our product and service offerings to help small business owners better manage the mission-critical tasks of their businesses," said Steve Bennett, Intuit's president and chief executive officer. "The acquisition will allow us to enter the high-growth employee benefits space and leverage our existing customer base to drive more revenue per customer."
Intuit currently plans to promote EmployeeMatters' products under both the QuickBooks® and EmployeeMatters brands. Intuit also plans to develop the capability for customers to integrate the data from their EmployeeMatters products and services within future versions of certain Intuit small business products.
Intuit acquired EmployeeMatters in a registered stock transaction, which closed yesterday and was valued at approximately $41 million, including assumed liabilities. In addition, Intuit provided EmployeeMatters with approximately $8 million in interim funding to support its operations prior to closing. As publicly stated earlier, Intuit expects no material impact from this transaction to its fiscal 2001 revenue growth target of 22 percent and pro forma operating income growth target in the low 30 percent range. Intuit's pro forma operating income includes operating results of acquired companies, but excludes, among other things, amortization and other acquisition-related charges.
EmployeeMatters will be operated as a separate business unit, headquartered in Stamford, Conn. Elliot Cooperstone, who had been EmployeeMatters' CEO will continue to lead the business unit as an Intuit vice president.
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ABOUT INTUIT INC.
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Intuit Inc. (NASDAQ: INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets Quicken®, the leading personal finance software; TurboTax®, the best-selling personal tax preparation software; and QuickBooks®, the most popular small business accounting software. Intuit's Quicken.com™ Web site (www.Quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
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This press release includes "forward-looking" statements about Intuit's acquisition of EmployeeMatters and the prospects for Intuit's and EmployeeMatters' employee management services (including Web-based payroll). For example, statements in the future tense, and statements such as we "expect," we "anticipate" or we "believe" are forward-looking statements. Investors should be aware that actual results may differ materially from our expressed expectations because of risks and uncertainties about the future. Intuit expressly disclaims any duty or obligation to update the information in this press release to reflect any changes in Intuit's expectations or any change in events, conditions or circumstances on which any such forward-looking statements are based. Risks and uncertainties affecting the acquisition and Intuit's and EmployeeMatters' employee management services include the following: The acquisition could have a negative impact on Intuit's operating income and earnings per share because the integration of acquired companies poses ongoing operational challenges and risks. EmployeeMatters' technology and software/services (including Web-based payroll) still need to be fully completed, and are subject to risks and uncertainties involved in the product development process, including technological difficulties and possible delays. EmployeeMatters products and services are subject to competition from other software, the World Wide Web or other traditional means. The anticipated benefits of EmployeeMatters' products and services to Intuit will depend on a number of variables, including customer adoption of the proposed products and services, and participation by insurers and other service providers in EmployeeMatters' offerings. Intuit cannot predict these adoption or participation rates. Integration of acquired businesses is also subject to risks and uncertainties associated with retaining and compensating the personnel of acquired companies. Additional information about factors that could affect future results and events is included in Intuit's fiscal 2000 Form10-K and subsequent reports filed with the Securities and Exchange Commission.
Intuit, the Intuit logo, Quicken, QuickBooks, QuickBooks Pro, TurboTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, QuickenInsurance, , among others, are trademarks and/or service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
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