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Intuit To Acquire Demandforce For $423.5M

By TechTaffy Desk

[Techtaffy Newsdesk]

Intuit, makers of  QuickBooks, TurboTax and Quicken, has entered into a definitive agreement to purchase Demandforce. The cash transaction is valued at approximately $423.5 million, and is expected to close in May 2012, subject to customary closing conditions.

Demandforce will become a new division in Intuit’s Small Business Group and will continue to be led by Rick Berry, Demandforce president and founder, reporting to Kiran Patel, executive vice president and general manager, Intuit Small Business Group.

Intuit is a provider of business and financial management solutions. Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal year 2011. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, and India, among other places.

[Image Courtesy: Intuit]

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