Tax and Accounting Software Corp.'s 350 workers will lose their jobs.
Tulsa-based Tax and Accounting Software Corp. is being purchased by Intuit Inc., the maker of Quicken and TurboTax personal finance software, in a $63 million deal that eventually will lead to the loss of 350 jobs locally.
Intuit said its Dallas-based Lacerte Software Corp. subsidiary will purchase the Tulsa company's assets. Privately held TAASC, which was founded in 1980, offers software tools primarily for accounting and tax professionals. Its offices are at 6914 S. Yorktown Ave.
About 115 of TAASC's 350 employees have been asked to stay during a transition period until the Tulsa office is closed, said Tim Redmond, TAASC's executive vice president.
The transition will take several months, he said. TAASC's operations will become part of Intuit's professional tax division in Dallas.
TAASC's employees are being informed about 200 job openings nationwide at Intuit, Redmond said.
Intuit said TAASC will provide all employees, including those who accept jobs with Intuit, at least 60 days of salary. In addition, TAASC said it will conduct an outplacement seminar in several weeks.
"TAASC will be an excellent complement to the existing products we have," Michael Runzler, an Intuit spokesman, said in a telephone interview from the company's headquarters in Mountain View, Calif.
"They're bringing technology and a solid customer base to Intuit. When you combine those two things, customers will get the very best of two good companies."
Intuit, which serves 80,000 tax practices nationwide, had been in talks with the Tulsa company for several months, Runzler said.
He added that the company plans to continue supporting TAASC's tax programs through Oct. 15.
Redmond said the deal should offer advantages for customers and many TAASC workers.
"We see a rapid and pretty massive consolidation going on in the tax and tax accounting software business, and we wanted to give a number of our key employees and our customers the best long-term options to grow their careers and grow their businesses," he said.
Redmond will join Intuit's professional tax division and will help manage the transition.
Intuit, which trades under the symbol INTU on the Nasdaq, develops and markets software products and related services.
The company provides software that allows households and small businesses to automate fi nancial tasks, including accounting and personal finances. Intuit also offers supplies, checks and invoices, and financial services.
TAASC has more than 20,000 customers. The company makes products primarily used by accountants to prepare filings for individuals and small businesses.
Earlier this year, the Tulsa company announced it had expanded its online product, www.PrepTax.com. , to accommodate individual taxpayers in addition to public accountants, attorneys and other financial professionals.
TAASC customers will have the option of converting to either Intuit's Lacerte or ProSeries products.
In 1999, Intuit filed a civil suit in U.S. District Court in Tulsa against the Tulsa specialty software business.
In that suit, Intuit accused a former employee of a company it acquired of taking "trade secrets" to TAASC and passing along a customer list of 3,500 tax preparers valued at more than $9 million.
Intuit reportedly had approached TAASC that same year about the possibility of being acquired, according to an earlier report. TAASC proposed a sale of its business to Intuit in May 1999, but the two companies could not reach an agreement regarding price. Purchase negotiations ended by June 1999.
Intuit had revenue of $1.1 billion in the year ended in July. The company is expected to earn 82 cents a share this year.
On Wednesday, the company's stock closed at $30.58, up $2.05 from Tuesday. Its 52-week high was $69.31 in November.
Laurie Winslow, World staff writer, can be reached at 581-8466 or via e-mail at firstname.lastname@example.org.