Intuit Inc is to buy Parsons Technology Inc, a privately held consumer software firm, for about $64m in cash and stock. The deal includes $5.2m in deferred consideration for certain non-competition agreements. The stock portion of the deal will be about 900,000 shares. Subject to regulatory approval, the deal is expected to be completed in September or October. Parsons will become a wholly-eowned subsidiary of Intuit and continue to operate from its Cedar Rapids, Iowa headquarters under the Parsons Technology name. Intuit said the deal will be accounted for as a purchase, resulting in substantial charges being written off over the next three years. Intuit was attracted to Parsons by its experienced team of developers and product managers familiar with Windows development and a strong consumer record, plus its direct marketing experience.
