8-K: Current report filing
Published on November 27, 2000
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
NOVEMBER 27, 2000
(Date of Report)
(Date of earliest event reported): NOVEMBER 27, 2000
INTUIT INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
Registrant's telephone number, including area code: (650) 944-6000
================================================================================
ITEM 5. OTHER EVENTS.
On November 25, 2000, Intuit Inc. ("Intuit") and its wholly-owned
subsidiary, Intuit Insurance Services, Inc. ("IIS"), entered into an Asset
Purchase Agreement ("Asset Agreement") pursuant to which selected assets of IIS
will be sold to InsWeb Corp. ("InsWeb"). Under the terms of the Asset Agreement,
Intuit will acquire an equity interest in InsWeb equal to 19.9% of InsWeb's
currently issued shares (or 16.6% measured on a post-closing basis).
In connection with the asset sale, Intuit and InsWeb will also enter into
a distribution agreement under which InsWeb will become the exclusive consumer
insurance aggregator for Intuit's Quicken.com(R) and QuickenInsurance Web sites
and certain consumer desktop products. In exchange, Intuit will share in
associated revenues, which are subject to certain minimums over the 5-year term
of the distribution agreement.
The transaction has been approved by the boards of both Intuit and InsWeb
and is expected to close in the first calendar quarter of 2001, subject to
various conditions, including regulatory clearances and customary closing
conditions.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTUIT INC.
Dated: November 27, 2000
/s/ Greg J. Santora
----------------------------------------
Greg J. Santora
Senior Vice President and
Chief Financial Officer