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Intuit Moving into Distribution Software Space
Intuit to acquire Eclipse
Intuit Inc. signed a definitive agreement to acquire Eclipse Inc., a
provider of business management software solutions for wholesale durable
goods distributors. The acquisition of Eclipse will help to establish Intuit
as a provider in the wholesale distribution software segment, which has
annual sales of approximately $300 million today and significant opportunity
for growth in the future. Under the terms of the agreement, Intuit will
acquire substantially all of Eclipse's assets for approximately $85 million
in cash. Intuit expects Eclipse to contribute between $40 million and $50
million in revenue in fiscal year. The acquisition is expected to close near
the end of the fourth quarter of Intuit's fiscal 2002 (May 1, 2002 - July
31, 2002) or in early fiscal 2003.
Intuit currently plans to operate Eclipse as a separate business unit led by
Michael London, an Eclipse founder and the company's president and CEO, and
will offer Eclipse's current products and services using both the Intuit and
Eclipse brands. London will become a vice president at Intuit reporting to
Steve Bennett, Intuit president and CEO. Virtually all of Eclipse's 220
employees will be asked to stay with the business, including the company's
other five founders. Eclipse will continue to be based in Shelton, CT.
Intuit is a provider of financial software and Web-based services for
consumers, small businesses and accounting professionals. Its flagship
products and services include Quicken and QuickBooks. Founded in 1983,
Intuit has annual revenue of more than $1.3 billion and reaches 25 million
customers with nearly 6,000 employees in 13 states and four countries
Rachel Foerster
Principal
Rachel Foerster & Associates, Ltd.
Professionals in EDI & Electronic Commerce
39432 North Avenue
Beach Park, IL 60099
Phone: 847-872-8070
Fax: 847-872-6860
http://www.rfa-edi.com
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