Intuit sells Demandforce to Internet Brands
http://www.zdnet.com/article/intuit-sells-demandforce-to-internet-brands/
Financial software giant Intuit has sold its Demandforce
software business to Internet Brands, a private media company based out
of El Segundo, California. Terms of the deal were not disclosed.
Demandforce was part of a trio of divisions Intuit included in divestiture plans back in August, along with Quicken and QuickBase.
Intuit acquired Demandforce in 2012 for a cool $423.5 million. The software aims to help small- and medium-sized businesses automate communications with their customers.
At the time, the deal marked a turning point for Intuit and the company's move into software as a service and the SMB market. Analysts lauded the acquisition as a strategic move that could ultimately reshape Intuit.
Four years later, Intuit decided that DemandForce was just too far outside of its core focus to justify its place in the company.
"Demandforce and QuickBase are great businesses, but they do not support the QuickBooks Online ecosystem, and both serve customers that are up-market from our core small business customers," Intuit CEO Brad Smith said on a conference call in August following the divestiture news.
"For Demandforce, we are seeking a buyer who will invest in this industry-leading marketing solution with a growing and talented sales force."
As it moves on to Internet Brands, Demandforce will be used to bolster the company's presence in the SMB SaaS space, particularly in the Health category. The Demandforce brand will live on and its existing team will remain in its San Francisco headquarters.
Demandforce was part of a trio of divisions Intuit included in divestiture plans back in August, along with Quicken and QuickBase.
Intuit acquired Demandforce in 2012 for a cool $423.5 million. The software aims to help small- and medium-sized businesses automate communications with their customers.
At the time, the deal marked a turning point for Intuit and the company's move into software as a service and the SMB market. Analysts lauded the acquisition as a strategic move that could ultimately reshape Intuit.
Four years later, Intuit decided that DemandForce was just too far outside of its core focus to justify its place in the company.
"Demandforce and QuickBase are great businesses, but they do not support the QuickBooks Online ecosystem, and both serve customers that are up-market from our core small business customers," Intuit CEO Brad Smith said on a conference call in August following the divestiture news.
"For Demandforce, we are seeking a buyer who will invest in this industry-leading marketing solution with a growing and talented sales force."
As it moves on to Internet Brands, Demandforce will be used to bolster the company's presence in the SMB SaaS space, particularly in the Health category. The Demandforce brand will live on and its existing team will remain in its San Francisco headquarters.
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