Intuit Inc. (NASDAQ: INTU) today announced it has completed its acquisition of Management Reports, Inc. (MRI), a leading provider of business management software solutions for commercial and residential property managers. The acquisition will enable Intuit to become a key provider in the $400 million global property management software segment.
"Adding MRI to the Intuit portfolio is another key milestone in executing our 'Right for My Business' strategy," said Steve Bennett, Intuit's president and chief executive officer. "This acquisition fits all three elements of our strategy -- serving larger and more complex businesses, providing solutions beyond accounting and providing industry-specific solutions."
MRI is one of five acquisitions that Intuit has made or announced in fiscal 2002 to execute its "Right for My Business" strategy. Intuit has also acquired OMware, Inc., a provider of business management solutions for construction companies, American Fundware, Inc., which provides business management software solutions to public sector organizations and CBS Payroll, which provides a full-service outsourced payroll solution. The company has announced plans to acquire Eclipse, Inc., which provides business management solutions to wholesale durable goods distributors.
Founded in 1971, MRI offers a full range of solutions targeted to the office, industrial, retail and residential real estate segments - from in-house, standalone software to Web-based outsourced solutions. The company supports more than 4,500 software installations worldwide, with clients ranging from owners and managers of smaller office, industrial, retail and residential properties to global real estate investors and insurance companies.
MRI will operate as a separate business unit and will continue to be based in Cleveland. The unit is led by Bob Lasser, who was the chief executive officer of MRI, and will continue to offer its current products and services under the Intuit and MRI brands.
Intuit acquired the outstanding shares of MRI for approximately $92 million in cash. Intuit announced its plans to acquire MRI on June 4, 2002. The transaction closed on July 12, 2002.
