May 9, 2002
Intuit Inc. (NASDAQ: INTU) today announced it has signed a definitive agreement to acquire Denver-based The Flagship Group.
My spin: Intuit's moving ahead in reaching small-medium sized businesses - horizontally, in general temrms, wich Quickbooks, but also moving vertically to make inroads into specific markets.
In November 2001, Intuit established its construction business solutions division through its purchase of OMware, Inc., a provider of business management solutions for construction companies.
The Flagship Group is the holding company of American Fundware, Inc., a leading provider of accounting and business management software solutions for nonprofit organizations, universities and individual government agencies
American Fundware is the second acquisition Intuit has made this fiscal year to expand its portfolio of "Right for My Business" vertical business management solutions.
Battle lines are being drawn - Microsoft / Great Plains, Icode's Everest and ACCWARE, ACCPAC and others are thirsty to provide back end services to small-medium sized businesses. Execution of strategy is most important.....Intuit's proven that already
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