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Intuit Completes Acquisition Of OMware, Inc.
Mountain View - November 05, 2001 - 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.

 
About Intuit Inc.
Intuit Inc. (NASDAQ: INTU) is the leading provider of financial software and Web-based services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken®, QuickBooks®, Quicken TurboTax® and Quicken LoansSM simplify personal finance, small business management and payroll processing, tax preparation and filing and home loans.

Founded in 1983, Intuit has annual revenue of more than $1 billion and reaches 25 million customers with more than 5,000 employees in 13 states and four countries. More information can be found at www.Intuit.com.

 
Risks and Uncertainties Related to Forward-Looking Statements
This press release contains forward-looking statements about events that have not yet occurred. For example, statements with words like "expect," and statements in the future tense, are forward-looking statements. Actual results may differ materially from our expectations because of risks and uncertainties about the future. We will not necessarily update information in this press release if any forward-looking statement later turns out to be inaccurate. Risks and uncertainties that may affect our future results include, but are not limited to, those described below. More details about these and other risks are included in our recent SEC filings and at www.intuit.com/company/investors/considerations.html.

Risks and uncertainties affecting the acquisition and Intuit's and OMware's software products 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. OMware products and services are subject to competition from other software, the World Wide Web or other traditional means. The anticipated benefits of OMware's products and services to Intuit will depend on a number of variables, including the ability to acquire customers in the construction industry, and the adoption rates for the product in that industry. 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. Integrating OMware and Intuit creates challenges for Intuit's operational, financial and management information systems, which may reduce the intended benefits of the acquisition. Additional information about factors that could affect future results and events is included in Intuit's fiscal 2001 Form 10-K filed with the Securities and Exchange Commission.

 
Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. Quicken.com and QuickBooks.com, among others, are trademarks and/or service marks of Intuit Inc.
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