San Francisco-headquartered Vista Equity Partners has purchased Intuit Real Estate Solutions (IRES), a real estate software provider, from business and management solutions company Intuit for $128 million.
Robert Smith, managing principal at Vista Equity Partners, said in a statement the purchase of the Ohio-based business was attractive because of its wide “suite of products, its track record of customer service and its global customer base”.
IRES, formerly known as Management Reports, provides software services to companies in the real estate management and investment sector. The company has approximately 340 staff working in offices worldwide and for more than 1,700 clients.
Its revenue was about $74 million for the fiscal year 2009 and this was forecasted to increase to $80 million year.
Growth capital-focused Vista Equity currently manages more than $2 billion of committed equity. Its typical equity cheque for investments ranges from $20 million to more than $200 million.
Examples of prior investments include Aspect Communications Corporation, a provider of customer services centres, and Reynolds & Reynolds, a software company catering to the automotive retail sector.