Intuit Inc. (NASDAQ: INTU) today announced it has completed its acquisition of Eclipse, Inc., a leading provider of business management software solutions for wholesale durable goods distributors. The acquisition will enable Intuit to become a key provider in the wholesale distribution software segment, which has annual sales of approximately $300 million today and significant opportunity for growth in the future.
"Adding Eclipse to the Intuit portfolio is another key milestone in executing our 'Right for My Business' strategy to serve larger and more complex businesses, provide industry-specific solutions and deliver solutions that extend beyond accounting," said Steve Bennett, Intuit's president and chief executive officer. "Like the other acquisitions we've made this year, Eclipse has a talented management team, great products and strong track record that will help drive stronger growth for Intuit."
Eclipse is one of five acquisitions that Intuit has completed in fiscal 2002. Intuit has also acquired Management Reports, Inc. (MRI), a leading provider of business management software solutions for commercial and residential property managers; 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.
Founded in 1991, Eclipse is a leading provider of business management software solutions for wholesale distributors in a number of market segments, including plumbing-heating-cooling-piping, electrical, building materials, industrial, janitorial and floor coverings. The company's flagship product, the Eclipse Distribution Management System, enables wholesale distributors to increase productivity, revenue and profitability by managing critical business components, including order processing, inventory control, accounting, purchasing and customer service.
Eclipse will operate as a separate business unit and will continue to be based in Shelton, CT, with offices in Boulder, CO and West Yarmouth, MA. Michael London, the Eclipse president, chief executive officer and one of its founders, will lead the new business unit reporting to Steve Bennett as Vice President of the Intuit Distribution Management Solutions Division. Intuit will continue to offer Eclipse's current products and services under the Intuit Eclipse brand.
Intuit acquired substantially all of Eclipse's assets for approximately $88 million in cash. Intuit initially announced its plans to acquire Eclipse on June 27, 2002. The transaction closed on July 26, 2002.
