November 25, 2004 | Read Time: 1 minute
Kintera, a San Diego company that provides Web-based software for nonprofit organizations, has signed an agreement with Intuit to acquire American Fundware, which makes accounting software designed for charities and government agencies. Intuit, a Mountain View, Calif., company that produces personal-finance and business software — such as TurboTax and QuickBooks — purchased American Fundware in 2002.
Kintera will pay approximately $11-million in cash for American Fundware, and says that it will retain most of the division’s current employees. American Fundware’s unaudited revenue for the fiscal year ending July 31 was approximately $12.8-million.
In the last two years, Kintera has acquired more than a dozen other companies and organizations that provide technology services to charities, including Virtual Sprockets, the Prospect Information Network, and the Carol/Trevelyan Strategy Group (The Chronicle, September 16).
Kintera’s total revenue in 2003 was $8-million. The company’s revenue for the first nine months of 2004 was $16-million.
