Intuit India has acquired Jaipur based KDK Software, a company that provides cost-effective software solutions to tax professionals and SMEs in the country.
Post this acquisition, Intuit looks to add a significant base of over 20,000 of KDK Softwares’ customers. KDK Softwares currently serves 1 in 5 practicing chartered accountants in India, which gives Intuit the needed warchest to take on the competitors like Tally.
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.
Intuit QBO : The NextBigWhat
Intuit launched QuickBooksOnline in India in 2012 and claims to be witnessing 49% month-on-month growth. Some of the earlier experiments on personal finance tools (partnership with MoneyControl/ICICI) didn’t do too well.
While SMEs are the end customers, companies need to tap the CA market effectively (CAs influence the buying decision).
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 QBO and KDK Software integration will happen over the next 12 months, mentions Nikhil Arora (MD, Intuit India)
“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,”
The time for India’s product companies has arrived!