Intuit Inc. has entered into an agreement to acquire KDK Softwares India Pvt Ltd, a Jaipur-based taxation software development company, for an undisclosed amount. Intuit is looking to add the over 20,000 customers of KDK Softwares to its customer base.
With this acquisition and its integration with the company's flagship solution QuickBooks, Intuit will be able to offer a robust solution for accounting, tax computation and e-filing. The company will also expand its portfolio of offerings to include simplified tax filing for accountants, bookkeepers and their small business clients.
According to Intuit, QuickBooks is used by more than five million users worldwide, including three lakh accountants. The new Intuit QuickBooks will create time savings by improving their workflow and the ability to complete a tax return in a single step.
"The addition of KDK Softwares builds on Intuit's QuickBooks small business ecosystem offering in India, providing a collaborative tax filing solution," said Nikhil Arora, VP and MD, Intuit India.
Established in 2003 as a software development company, KDK Softwares provides cost-effective software solutions (both in desktop and cloud models) to tax professionals and SMEs in the country. Headquartered in Jaipur, the company claims to have served over 20,000 customers, and has more than 100 channel partners in over 60 cities in India.
Kapil Goyal, founder and MD of KDK Softwares, said, "Today we serve one in five practicing chartered accountants in India. Together with Intuit, we will be able to add efficiency, ease-of-use and time savings for small business ecosystem in the country. Also, KDK Softwares' accountants are early adopters of online solution and thus are an ideal fit to take advantage of the QuickBooks integration."
Intuit Inc. creates business and financial management solutions targeted at small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks, Quicken and TurboTax, which make it easier to manage small businesses & payroll processing, personal finance, and tax preparation & filing. Intuit India, the company's first venture in Asia-Pacific, claims to have over 800 employees across offices in Bangalore, Mumbai and New Delhi.
"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 Arora.
(Edited by Joby Puthuparampil Johnson)