Intuit Completes Acquisition Of Blue Ocean Software, Inc.

Press Release

Intuit Inc. has announced it has completed its acquisition of Blue Ocean Software, Inc., a leading provider of software solutions that help businesses manage their information technology resources and assets. The acquisition is a significant step in Intuit's effort to expand its business solutions and go beyond accounting to solve additional mission critical customer problems.

"The acquisition of Blue Ocean is a move into a new market segment and another example of Intuit executing its 'Right for My Business' strategy," said Steve Bennett, Intuit's president and chief executive officer. "With this acquisition we provide an additional platform for Intuit to drive sustained revenue and profit growth."

Blue Ocean is a leading developer of software solutions that help businesses manage their IT resources and assets, including PC inventory, incident tracking, knowledge base resolution tools, software delivery and asset tracking. The company's solutions are simple and easy to install, and are deployed to desktops, an organization's network, the Web, or on client/server systems in a matter of days, rather than weeks or months. Its products range in price from $495 for individual desktop applications to more than $11,000 for enterprise solutions.

Intuit acquired all outstanding shares of Blue Ocean's stock for approximately $177 million in cash. Intuit initially announced its plans to acquire Blue Ocean on August 14, 2002. The transaction closed on September 13, 2002.

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