Intuit to Buy Maker of Builder Software
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Intuit Inc., which makes QuickBooks accounting software for small businesses, agreed to buy closely held Omware Inc. for $42 million in stock to add financial programs for the construction industry.
Omware, which is based in Sebastopol, Calif., makes software, including Master Builder, that construction companies use to manage business and projects.
Intuit said it plans more acquisitions to add software tailored to specific industries to broaden its product line beyond accounting services.
Intuit said Omware will add $10 million to $20 million in revenue this year and is expected to be profitable in fiscal 2002.
Shares of Mountain View, Calif.-based Intuit closed up 43 cents at $32.39 on Nasdaq.
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