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Intuit To Buy Tax Solutions Provider KDK Software

August 3, 2014



Strengthening its presence in India, Intuit Inc is acquiring Jaipur based KDK Software Private Limited, provider of professional tax computation and e-filing solutions, both in desktop and cloud models for an undisclosed amount.

With the buy Intuit seeks to add a significant base of over 20,000 of KDK Softwares's customers and enhance its offerings to include simplified tax filing for accountants, bookkeepers and their small business clients by integrating the portal with Intuit's QuickBooks which will happen over a period of twelve months.

QuickBooksOnline was launched in India in 2012 and is used by more than 5 million users worldwide, including 300,000 accountant users. Intuits currently offers services to small businesses and accountants in the areas of taxation, payroll and payments managements.

With a base of over 100 channel partners in over 60 cities in India, KDK claims to serve 1 in 5 practicing chartered accountants in India. KDK was established in 2003 by Kapil Goyal.

Intuit is a provider of business and financial management solutions for small and mid-sized businesses in the country. Intuit India, the company's first venture in Asia Pacific, commenced operations in 2005 and currently has more than 800 employees across offices in Bangalore, Mumbai and New Delhi.

The parent Intuit Inc's product list includes QuickBooks, Quicken and TurboTax, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing.

Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce offers marketing and communication tools for small businesses. ProSeries and Lacerte are Intuit's leading tax preparation offerings for professional accountants.

With employee strength of 8000 and offices spread across United States, Canada, the United Kingdom, India, Intuit had clocked revenues of $4.2 Bn in its fiscal year 2013.

The company had announced its plan to buy Check Inc, a bill-payment service, for $360 million, to offer bill payments across small business and personal finance products.

E-filing in India is already six years old and there are several other companies that offer online tax services include Taxsmile, Taxspanner , Tally Solutions and UK-based Sage.

Recently, ClearTax owned by @ClearSharpPrivate Limited had raised an undisclosed amount from Silicon Valley based accelerator - Y Combinator.




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Source: DealCurry (India)


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