Income Tax
Inituit to Acquire India-Based Tax Solutions Firm
Intuit, the makers of numerous small business and personal financial and tax technologies, has entered into an agreement to acquire KDK Softwares India Private Limited a market leader in providing professional tax solutions in India.
Jul. 30, 2014
Intuit, the makers of numerous small business and personal financial and tax technologies, 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's most popular small business accounting program, 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 & 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.