Intuit Inc. (NASDAQ: INTU) today announced it has completed its acquisition of OMware, Inc., a leading provider of business management software for construction companies. The acquisition of OMware is part of Intuit's new "right for my business" strategy to provide the tools and services that address the unique needs of each small business.
OMware is a leading provider of construction management software solutions. Its flagship product, The Master Builder, helps construction companies increase profitability through software that handles accounting, estimating, job costing and project management.
"The acquisition of companies that have developed proven business management solutions for specific industries is one of the ways we will deliver 'right for my business' solutions," said Steve Bennett, Intuit's president and chief executive officer. "OMware has focused exclusively on providing the right business management solutions for construction companies, and the result is great products and a growing and loyal customer base."
OMware will be run as a separate business unit, Construction Business Solutions, based in Sebastopol, Calif. The unit is led by Dan Smith, who founded OMware in 1980 and is now a vice president at Intuit, reporting to Steve Bennett. The unit will continue to offer its current products and services under the Intuit Master Builder brand.
Intuit acquired substantially all of the assets of OMware for approximately $42 million in Intuit stock. Intuit had announced it had reached an agreement to acquire the company on Sept. 24, 2001.