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Intuit To Buy Homestead Technologies For About $170 Million
November 26, 2007
Intuit Inc. (INTU) will purchase Homestead Technologies Inc. in a cash transaction valued at about $170 million, including the assumption of Homestead's outstanding options and restricted stock units.
Intuit, a Mountain View, Calif., marketer of financial software expects the acquisition, slated to close in the first quarter, to be slightly dilutive in fiscal 2008 and 2009.
Intuit said the buy will enable it to offer Web-site creation and e-commerce solutions that help small businesses acquire and serve customers through the Internet. Homestead will become part of Intuit's small business group. After the close, Justin Kitch, Homestead's founder and chief executive will join Intuit and manage the Homestead team as currently organized.
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