Intuit Inc. (Nasdaq: INTU), today announced that it has entered into an agreement to acquire KDK Softwares India Private Limited a market leader in providing professional tax solutions in India. This acquisition will further strengthen Intuit’s commitment of becoming the ecosystem behind small business success and establishes a strong position for the company to reach accountants in India. Intuit looks to add a significant base of over 20,000 of KDK Softwares’s customers. KDK Softwares states that with its current market base it is serving 1 in 5 practicing chartered accountants in India.
Intuit will also expand its portfolio of offerings to include simplified tax filing for accountants, bookkeepers and their small business clients. KDK Softwares is a leading provider of professional tax computation and e-filing solutions, both in desktop and cloud models, with a base of over 100 channel partners in over 60 cities in India.
With this acquisition and its integration with the popular worldwide solution Intuit QuickBooks, Intuit will be able to offer a robust solution for accounting, tax computation and e-filing. Accountants usually spend 50 percent of their time filing taxes. The new Intuit QuickBooks will create significant time savings by improving their workflow and the ability to complete a tax return in a single step.
The closing of the acquisition is subject to the satisfaction of certain customary closing conditions by the parties.
Intuit is the world leader in business and financial management solutions for small businesses and accountants. QuickBooks is used by more than 5 million users worldwide, including 300,000 accountant users.
“Our vision is to become the ecosystem behind the success of Indian small businesses and accountants. By 2020, we want one in four small businesses in India to use Intuit products. 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,” said Nikhil Arora, Vice President and Managing Director, Intuit India. “The addition of KDK Softwares builds on Intuit’s QuickBooks small business ecosystem offering in India, providing for the first time a seamless and collaborative tax filing solution,” he added.
Kapil Goyal, Founder and Managing Director of KDK Softwares, said “KDK Softwares is committed to partnering with small businesses and accountants across India and providing them with solutions that makes tax filing easy and compliant. Today we serve 1 in 5 practing chartered accountants in India and we are very excited to join Intuit. 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.”
About Intuit India
Intuit is a leading provider of business and financial management solutions for small and mid-sized businesses in the country. Intuit India, the company’s first venture in Asia Pacific, commenced operations in 2005 and currently has more than 800 employees across offices in Bangalore, Mumbai and New Delhi. Intuit stands on the core principles of customer-driven innovation and improving the financial lives of its customers profoundly with product offerings such as Intuit QuickBooks in India. Intuit has been ranked #8 Best Companies to Work for in India in 2014, #5 in the IT industry and #2 in Flexibility & Work Life Balance category by the Great Place to Work for Institute. For more information, please visit http://www.intuit.in/
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2013. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
About KDK Softwares
Established in 2003 as Software Development Company, KDK Softwares India Private Limited, is a fast growing company committed to providing reliable and cost-effective software solutions to Tax Professionals and SMEs all over India. Headquartered in Jaipur, Rajasthan, KDK Softwares puts emphasis on quality, world-class human resources and cutting edge solutions to help small businesses file their taxes efficiently. With a successful track record of serving over 20,000 satisfied accountants and customers, KDK Softwares is an ISO 9001:2008 certified company and has more than 100 active partners across India.
Intuit and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
Cautions About Forward-looking Statements
This news release includes forward-looking statements, which are subject to safe harbors created under the U.S. federal securities laws. All statements included in this press release that address activities, events or developments that Intuit expects, believes or anticipates will or may occur in the future are forward-looking statements, including, particularly, statements about the potential benefits of the proposed transaction to Intuit, the anticipated reach, capabilities and opportunities of the combined company, the ability to provide new services and products to customers, the ability to integrate capabilities, the expected benefits to current and potential customers, and the expected closing of the proposed transaction. All forward-looking statements are based on the opinions and estimates of Intuit's management at the time the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. For information regarding risks related to Intuit, see discussion of risks and other factors in documents filed by Intuit with the Securities and Exchange Commission from time to time, including Intuit's Form 10-K for the year ended July 31, 2013, available on Intuit's Web site at www.intuit.com/about_intuit/investors. Intuit disclaims any intent or obligation to update any forward-looking statements.