Financial services giant Intuit announced plans to acquire the Indian accounting software firm KDK Softwares in a bid to strengthen its customer footprint in the country. Financial terms of the deal were not immediately disclosed.
The acquisition marks Intuits first in India, as well as its push into the tax computation and e-filing category in the country.
KDK Softwares has more than 22,000 accountant customers in India, with over 100 channel partners across more than 60 cities — figures that will prove valuable as Intuit looks to expand its portfolio for the region. Currently Intuit has a base of roughly 100,000 using its QuickBooks platform in India.
Nikhil Arora, VP and managing director of Intuit India, said that by 2020 Intuit wants one in four small businesses in India to use Intuit products:
"Our vision is to become the ecosystem behind the success of Indian small businesses and accountants. 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. 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."