has entered into a definitive agreement to sell Intuit Websites to Endurance International Group, one of the largest providers of hosting, domains and online solutions for small and medium-sized businesses in the United States.
Intuit Websites, which includes Homestead Technologies, and is part of Intuit's Small Business Group, provides solutions that enable small businesses to create and enhance their online presence.
"The way small businesses think about their Web presence is evolving and our customers will be better served by a company that is primarily focused on websites and hosting services," said Barry Saik, vice president and general manager of Intuit's Grow Your Business division. "Selling Intuit Websites to Endurance presented the best way to accelerate our Small Business Group's success and provide our customers with a best-in-class solution."
Endurance is a leading provider of cloud-based software and services and currently provides web hosting services to 2.9 million customers and manages 10 million domains.
"With this acquisition, Endurance will add the intuitive and adaptable website builder that Intuit developed, which will provide immediate benefits to our customers and strategic value to our company," said Hari Ravichandran, chief executive officer and founder. "This acquisition also enables Endurance to provide current Intuit Website customers with access to our comprehensive online applications and services, allowing them to enhance and grow their online presences over time."
The transaction is expected to close during Intuit's first quarter of fiscal year 2013. Terms of the agreement were not disclosed. Intuit Websites contributed $76 million in revenue for Intuit in fiscal 2012 and will be treated as discontinued operations.