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Intuit/MRI merger hot topic at convention
Real Estate Southern California
January 2003
San Diego-More than 1,200 real estate and information technology professionals attended a conference held here late last year spotlighting the acquisition of Management Reports Inc. by software giant Intuit Inc.
Intuit announced the acquisition of the management software developer in a cash deal valued at $92 million in early June 2002. The deal closed in mid-July.
Cleveland-based MRI, which will operate as a separate business unit of the Mountain View-based software maker, used its 10th annual International User Conference at the city's Manchester Grand Hyatt as a forum to assure clients they will continue to receive quality technical support and new product development following the acquisition. The conference also outlined new opportunities created by Intuit, the maker of such popular accounting software as Quicken and Quickbooks.
In a show of Intuit's desire to reach out to MRI's broad user base, two of the company's three top executives, president and CEO Steve Bennett and Chairman Steve Cook, joined MRI CEO Bob Lasser at the beginning of the three-day conference.
Intuit officials emphasized they don't plan to make major changes at MRI, a 31-year-old company that pioneered development of property management software. The company develops solutions for companies managing office, industrial, retail and residential property.
"We're not in the real estate renovation business," Bennett told the gathering. "We marry our resources with the resources of great companies. Real estate management software is a $400million market worldwide, and Intuit wanted to acquire the top company in the field.
"Intuit brings $10 billion in market capitalization," Bennett added. " We can bring operational expertise."
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