In order to strengthen its customer base in India, technology firm Intuit Inc on Wednesday announced acquisition of Jaipur-based professional tax filing software provider for an undisclosed amount.
This is the first acquisition by the California-based firm in India and marks its foray into the tax computation and e-filing solutions solution category in the country. Intuit started operations in India about 2 years back and till now offered financial management solutions for small and mid-sized businesses in the country.
“With this acquisition, we will in the near term be able to provide our customers with an end-to-end workflow of integrated accounting and tax capability which would be the first of its kind in the country,” Nikhil Arora, Vice President and Managing Director, Intuit India said.
He added that the company expects one in four small businesses in India to use Intuit products by 2020.
This acquisition establishes a strong position for the company to reach accountants in India.
The company will add a significant base of over 20,000 of KDK Softwares’s customers who are chartered accountants. In India, Intuit has a base of around 100,000 users for its QuickBooks solution.
Mr. Arora said KDK Softwares with its current market base is serving 1 in 5 practicing chartered accountants in India.
“The closing of the acquisition is subject to the satisfaction of certain customary closing conditions by the parties,” Intuit India said.
Kapil Goyal, Founder and Managing Director of KDK Softwares, said, “Together we will be able to add efficiency, ease-of-use and time savings for small business ecosytem in India. Also, KDK Softwares accountants are early adopters of online solution and thus are an ideal fit to take advantage of the QuickBooks integration.”
