Intuit to buy Demandforce for $423.5 million

(Reuters) - Intuit Inc, the maker of strain homework software TurboTax, believed it agreed to acquisition Demandforce, a software-as-a-service claim supplier, in place of $423.5 million in cash.

"Demandforce sits on the sweet notice of Intuit's small- and medium-sized businesses customer origin," believed Kiran Patel, the executive secondary president and universal boss of Intuit's tiny Business Group.

The acquisition — Intuit's biggest yet — is predictable to close in May.

Founded in 2003, San Franciso-based Demandforce bundles marketing and communications tools into a Web-based claim and targets small indigenous businesses — like salons, sedan shops, chiropractors, dentists, and veterinarians.

Demandforce boasts of 35,000 small dealing clients in the United States and Canada.

The deal is predictable to add individual to two points to Intuit's revenue growth in fiscal day 2013 and to be neutral to unassumingly dilutive in place of interest for each share in fiscal years 2012 and 2013, Intuit believed in a statement.

Mountain View, California-based Intuit in progress operations in 1983 and at this time has yearly revenue of as regards $4 billion and a bazaar valuation of $17 billion.

Intuit shares were up as regards 1 percent on $58.00 on Friday on the Nasdaq.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Asep Sulaeman R)


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