Intuit announced it has agreed to acquire KDK Softwares India Private Limited, provider of professional tax solutions in India.
Through the acquisition Intuit expects to add more than 20,000 KDK Softwares customers to the Intuit QuickBooks ecosystem and strengthen its position to reach accountants in India. According to KDK Softwares, which provides professional tax computation and e-filing solutions in both desktop and cloud models, its current market base serves one in five practicing chartered accountants in India. The company also has a base of more than 100 channel partners in 60 cities in India.
Intuit will also expand its portfolio of offerings to include simplified tax filing for accountants, bookkeepers and their small business clients.
“Our vision is to become the ecosystem behind the success of Indian small businesses and accountants,” stated Nikhil Arora, vice president & managing director, Intuit India. “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. 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.”
“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,” stated Kapil Goyal, founder and managing director of KDK Softwares. “Today we serve one in five practicing 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.”
The closing of the acquisition is subject to the satisfaction of certain customary closing conditions by the parties.