Home Intuit Finally Buys Homestead for $170m

Intuit Finally Buys Homestead for $170m

Small business website creation service Homestead announced tonight that it has been purchased by Intuit for $170m. In addition to Intuit’s personal and small business accounting software, and the company’s partnership with Google to integrate services like Maps listing and AdSense buys, Intuit customers will now presumably be able to put up websites quickly and easily with Homestead. It’s starting to look like an end-to-end service, putting Intuit’s hands in the middle of a whole lot of businesses books, both virtual and otherwise.

Homestead released support for Macs and AJAX last year, but it this small business website creation software being scooped up as a hot commodity? Probably not like it would have been had the deal gone through during the late 1990s. Homestead raised money from Draper Fisher Jurvetson and Intel in 1998, then $17.5 million in a 1999 second round , another $10 million from Verisign and others in 2001, and $5.4 million more in 2002. So we’re talking at least $35m in funding over multiple rounds and almost 10 years. It’s at best a 5X exit but probably one that everyone is relieved to see happen. It’s also a good example that even with an undeniably smart business model, loads of backing and the ability to survive the first bubble – a company like Homestead can take ten years to see an exit.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.