Intuit Inc. (Nasdaq: INTU) today announced it has signed a definitive agreement to sell Intuit Public Sector Solutions, or IPSS, to Kintera, Inc. (Nasdaq: KNTA) for approximately $11 million in cash. Intuit announced its decision to sell IPSS on Aug. 18, 2004. The transaction is expected to close during Intuit's second fiscal quarter, which ends Jan. 31, 2005. The transaction is subject to customary closing conditions.
Kintera offers software to help nonprofit organizations increase donations, reduce fundraising costs and build awareness and affinity for a cause.
IPSS will be treated as a discontinued business for Intuit's accounting purposes. As announced on Aug. 18, Intuit did not include past or future results from IPSS when it developed pro forma first-quarter and fiscal year 2005 guidance. Seven Hills Partners LLC assisted Intuit in this transaction.
