Intuit Real Estate Solutions Partners With AvidXchange to Provide Electronic Invoicing

Relationship Reflects IRES Strategy to Broaden Product Lines by Partnering with Experts

CLEVELAND, OH -- May 10, 2006 -- Intuit Real Estate Solutions and AvidXchange, Inc. are partnering to create an improved electronic payables offering for the real estate industry.

IRES, a division of Intuit Inc. (Nasdaq: INTU), is a developer of property and portfolio management software for the global real estate industry. AvidXchange is an industry leader in electronic invoicing management solutions. The relationship is part of a broader preferred partnership strategy being implemented by IRES to provide a more robust product offering.

“To remain competitive, more real estate companies are adopting technologies that improve efficiencies and reduce costs,” explained Jeff Thompson, president of IRES. “By partnering with industry leaders and building on their expertise, we’re expanding the capabilities of our software and solving more problems for our clients.”

Partnership Enhances the Value of Solutions for Clients

Leveraging design capabilities of both companies, this partnership creates AvidInvoice for MRI, the enhanced integration of IRES’ commercial, residential and corporate real estate products and AvidXchange’s Web-based, paperless invoice management solution. Benefits of the partnership include:

•The opportunity for shared clients to work concurrently with IRES and AvidXchange on future integration and design enhancements.
•Dedicated product support for AvidInvoice for MRI.
•Fully tested interfaces that are part of the release process for both solutions.

According to Thompson, “IRES is creating a dynamic development environment in which clients influence the direction of how we work with other industry leaders. This relationship is a win for IRES, AvidXchange and our clients.”

Robert B. Frankel, senior managing director of GVA Williams in New York City agrees. “The newly announced partnership with IRES and AvidXchange provides us with a high level of comfort knowing that our MRI system will be fully supported and integrated with the automation of our “payables.” This could not be guaranteed from the other providers we investigated.”

AvidXchange Specializes in Electronic Invoicing and Purchase Order Solutions

Serving the same markets as IRES, AvidXchange offers its electronic invoicing and purchase order management solutions as an application service provider. Both IRES and AvidXchange have completed SAS 70 Type II audits, enabling clients to include both certifications in their Sarbanes-Oxley compliance program. Further, half of AvidXchange’s real estate clients are already IRES clients.

”Our shared clients give us a springboard to introduce other IRES clients to the benefits of AvidInvoice for MRI,” said Michael Praeger, chief executive officer of AvidXchange. “We look forward to helping other IRES users lower processing costs and realize significant savings by eliminating lost invoices, automatically generating common area maintenance (CAM) reports and gaining real-time visibility to pending invoices.”

According to Laura Selby, VP of finance and CFO of Hispanic Housing Development Corp. in Chicago, “We had two key objectives – to reduce costs and to automate the processing of our service and utility invoices. After using AvidInvoice, we can see that both objectives are being met successfully.” Additional benefits were realized by Brett Lazar, vice president of operations of Winstanley Enterprises, located in Concord, MA. “With AvidInvoice, we can continue to acquire properties without the need to add incremental office staff.”

About Intuit Real Estate Solutions

Intuit Real Estate Solutions offers business management solutions to the global property management industry as well as to corporate real estate managers. Offering the most flexible solutions with both outsourced hosted offerings and packaged enterprise software, Intuit Real Estate Solutions strives to develop long-term successful relationships with its clients. The business currently has more than 4,500 clients on five continents and in 41 countries. For more information, please visit www.realestate.intuit.com

About AvidXchange

AvidXchange, Inc. based in Charlotte, N.C., is a leading provider of paperless invoice management and electronic purchase order tools for real estate companies in the office, retail, multi-family, and industrial sectors. Over 60 real estate companies currently use AvidXchange's SAS 70 Certified A/P workflow solution. For more information, please visit www.avidxchange.com.

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation software suites for professional accountants.

Founded in 1983, Intuit had annual revenue of nearly $1.9 billion in its fiscal year 2004. The company has nearly 7,000 employees with major offices in 13 states across the U.S., and offices in Canada and the United Kingdom. More information can be found at www.intuit.com