Intuit to buy software maker Eclipse
The financial software and services company makes another move in its strategy to focus on small businesses. It also revises its financial targets.
Intuit announced Thursday that it will spend $85 million to acquire Eclipse, which makes business management software for wholesale distributors in markets such as plumbing supplies, building materials and floor coverings. Eclipse is based in Shelton, Conn., and has annual sales of $40 million to $50 million.
Eclipse is the fifth company Intuit has acquired this year as part of its "Right for My Business" campaign to focus on small-business customers. The strategy includes producing specialty software and services targeted to specific industries and business segments.
Previous acquisitions have included American FundWare, which makes business management software for nonprofit and education organizations, and CBS Employer Services, which provides payroll services for small businesses. Earlier this month, the company announced plans to buy Management Reports, which makes software for commercial and residential property management, and spinoff Quicken Loans, a mortgage business.
Along with the acquisition, Intuit revised financial targets for fiscal 2003. The company now expects revenue of $1.65 billion to $1.75 billion, up from the previous forecast of $1.65 billion to $1.725 billion, and pro forma earnings per share of $1.25 to $1.32, from the previous guidance of $1.25 to $1.31.