Intuit Inc. said Tuesday that it is selling its Real Estate Solutions business to focus on its online financial offerings.
Brad Smith, Intuit's president and chief executive, said in a press release that Real Estate Solutions, which provides financial software to real estate management companies, "is a great business with a bright future" but is "no longer a strategic, long-term fit for Intuit."
The Mountain View, Calif., company is concentrating on "providing connected services," Smith said — graduating from its roots in desktop financial software to online products that can reach a wider audience of consumers and businesses.
Vista Equity Partners, a San Francisco private-equity firm, said it would pay $128 million in cash for Real Estate Solutions. The companies said the deal would close by Jan. 31, the end of Intuit's second fiscal quarter.
Last month Intuit bought the online financial management provider Mint Software Inc. for $170 million.