Intuit will soon acquire KDK Softwares. The acquisition is in benefit of Intuit's commitment of becoming the ecosystem behind small business success and establishes a strong position for the company to reach accountants in India.
In line with the acquisition Intuit is also looking forward to add a significant base of over 20,000 of KDK customers. As according to the estimates of KDK its current market base 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, book keepers and their small business clients. As 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.
"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, VP and MD, Intuit India.
Kapil Goyal, founder and managing director, KDK Softwares, said, "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."
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 per cent of their time in 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.