Summary
Intuit Inc. (INTU) has announced a significant strategic move through the acquisition of assets from Tax and Accounting Software Corporation (TASC). This acquisition, valued at approximately $63 million in cash, will be executed through Intuit's wholly-owned subsidiary, Lacerte Software Corporation. The deal is expected to close on the same day as the announcement, April 17, 2001, indicating a swift and decisive transaction. This acquisition is designed to bolster Intuit's professional tax division by integrating TASC's established software tools for accounting and tax professionals. The integration is expected to enhance Intuit's existing offerings, with TASC customers having the option to transition to Intuit's Lacerte or ProSeries products. Furthermore, TASC's EasyACCT accounting products will be incorporated into Intuit's portfolio and are slated for integration with future versions of Intuit's flagship professional software, signaling a commitment to expanding its market reach and product capabilities within the professional accounting software space.
Key Highlights
- 1Intuit Inc. is acquiring substantially all of the assets of Tax and Accounting Software Corporation (TASC).
- 2The acquisition is valued at approximately $63 million in cash.
- 3The transaction will be completed through Intuit's subsidiary, Lacerte Software Corporation.
- 4The deal was expected to close on April 17, 2001, the same day as the announcement.
- 5TASC's operations will be integrated into Intuit's professional tax division.
- 6TASC customers will be offered migration options to Intuit's Lacerte or ProSeries products.
- 7TASC's EasyACCT accounting products will be added to Intuit's existing product line and integrated with future versions of Lacerte and ProSeries.