Intuit Incorporated has signed an agreement to offer Intuit Real Estate Solutions for sale to Vista Equity Partners, costing about $128 million in cash. Vista Equity is one of the top PE firms that have over $2.5 billion in committed equity capital, investing more on technology and software-based companies. The IRES, previously called Management Reports Inc, is a global business division of Intuit Inc and is among the leading providers of software and assistances to companies in the investment and real estate management business. The company, headquartered in Highland Hills, Ohio, has about 340 workers all in all, including those in international offices that serve over 1,700 clients.

Intuit chief executive officer and president, Brad Smith, said that IRES has a bright a future ahead of it as it is a great company. Since Inuit is focusing more on providing connected services for individual clients and small businesses, the IRES business model no long fits into the company.

However, Vista Equity Partners’ strategy is to work with businesses that have quality software products and services as well as appealing market dynamics. Thus, they have taken in IRES.

“We are impressed by Intuit Real Estate Solutions’ suite of products, its track record of customer service and its global customer base,” said Vista Equity Partners managing principal, Robert F. Smith.

In the fiscal year (2009), IRES, which has a total revenue of $74 million, is assumed to increase its revenue to $80 million in the following fiscal year. Intuit is still expecting that its fiscal year 2010 income will increase from 4% to 8% once the IRES revenue is separated from results of fiscal year 2009 and guidance of fiscal year 2010.

Intuit Inc is as well expected to record any rise of 10-12 cents in GAAP earnings in each share as an effect to the sale, which is not assumed to have a physical effect on the earnings of fiscal year 2011.