Intuit Acquires Tax & Accounting Software Corp.

Posted by accountingweb on Apr 18 2001 247 printer friendly

On Tuesday, Intuit announced it has signed an agreement to acquire the privately held Tax and Accounting Software Corporation (TAASC) for $63 million.

With the acquisition of TAASC, Intuit said it will add TAASC's accounting products--software that allows accountants to prepare financial statements and forms--to its existing line of Lacerte and ProSeries financial software. Eventually, Intuit intends to integrate the applications into future versions of Lacerte and ProSeries, which houses Intuit's corporate tax-preparation software.

The news comes at the end of tax season, a stressful and even frantic time for many, especially those who end up having to pay additional taxes.

Intuit indicated its outlook for fiscal 2001 assumed completion of the TAASC deal during the second half of this fiscal year. In March, the company warned that third-quarter revenue would be lower than expected, partly because of sluggish sales of its QuickBooks desktop software.

Intuit said it expects third-quarter revenue to be in the range of $425 million to $450 million, and revenue for its full fiscal year to be between $1.26 billion and $1.3 billion.

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