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INTUIT UNLOADS REAL ESTATE UNIT

Intuit dropped the other shoe (three others have already fallen) as it put an end to the acquisition of a series of higher-end products with its plans to sell Intuit Real Estate Solutions to Vista Equity Partners for about $128 million in cash, although it’s taken several years to get there.

The real estate unit, formerly known as Management Reports Inc., sells enterprise-level real estate software and was the last of four acquisitions that no one completely understood that have been divested. The others were Master Builder, sold to Sage in 2006; FundWare, sold to Kintera in 2004 which in turn was sold to Blackbaud; and the Intuit Distribution businesses, sold to Activant in 2007. There were some good products here (except for FundWare, which was on life-support), but they didn’t fit Intuit well and together they were a hodge-podge of packages that were sold differently, some via resellers and some direct, and appealed to different size end users. Based in Highlands Hills, Ohio, the real estate organization has 340 employees. It had about $74 million in revenue for the year ended July 31 and was expected to have $80 million for fiscal 2010. It contributed about $4 million in non-GAAP operating income in the most recently completed year, which was projected to reach $8 million this year.

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