eCommerce - Tuesday, November 27, 2007
Intuit Pays $170M For DIY Site Building Platform Homestead
Intuit (Nasdaq: INTU) is buying small business web site platform Homestead Technologies for roughly $170M. The Menlo Park-based old-timer sells a DIY website platform for small businesses. Homestead, offers a drag-and-drop website creation and editing tool for consumers.
The deal represents a departure for Intuit's core focus on financial software. It justifies the deal by saying that Homestead fits with Inuit's growth strategy in providing additional technology to small businesses on top of financial software.
Homestead has raised $73M in total VC funding, including a $35M Series C round in 2000 and represents a let-down for late stage investors who invested at a post-money valuation of approximately $313M. Backers include DFJ, DFJ ePlanet Ventures, Goldman Sachs, Institutional Venture Partners, Intel Capital, DLJ Merchant Banking Partners, Draper Richards, VeriSign, GRP Partners and Meritech Capital Partners.
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