The transaction is expected to close within 90 days.

ITS is the leading provider of IT help desk and asset management software solutions to small and medium-sized businesses. The company's core product, Track-It!, enables IT professionals to collect, assign and resolve help desk requests and audit their internal hardware and software assets. Headquartered in Tampa, ITS was founded in 1991 as Blue Ocean Software. The company has over 45,000 customers worldwide. Intuit is selling the division to focus on opportunities in its core businesses.

"We have known ITS since they were Blue Ocean Software, and we've watched them build the leading IT management product for small and medium-sized businesses," said Brian J. Conway, a Managing Director at TA Associates, who will join the company's Board of Directors. "With strong recurring revenues from its broad customer base and several new growth opportunities, ITS is a very attractive acquisition."

"We're excited about our future," said David Weiss, Vice President and General Manager of ITS, who will assume the post of CEO upon close of the transaction. "We are confident that with TA's resources, we will have greater opportunities to grow by developing and acquiring additional products and broadening our international reach."

According to IDC, the worldwide market for help desk and IT asset management software is approximately $866 million. That figure is expected to increase at an average of 11.2% annually through 2008. In addition, U.S. census data indicates there are approximately 1 million companies and nearly 40 million employees in ITS' target market of small and medium-sized businesses.

"ITS is well positioned to gain additional market share among small and medium-sized companies," said Conway. "The company recently introduced new product offerings, including network management and patch management products, and we anticipate supporting management's plans to develop and acquire additional new products, enter adjacent market segments and expand its international reach."

TA's prior investments in the software sector include such companies as BMC Software, Cadence Design Systems, Hyperion Solutions and McAfee Associates. Recent buyouts in the software industry include Monotype Imaging, announced in November 2004.

Goodwin Procter LLP served as legal counsel for TA Associates.