Intuit Inc to acquire KDK Softwares

Jul 30 2014, 16:17 IST
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SummaryIntuit's popular QuickBooks is used by more than 5 million users worldwide.

Intuit Inc today announced that it has entered into an agreement to acquire KDK Softwares India, a market leader in providing professional tax solutions in India.

With this acquisition and its integration with the popular worldwide solution QuickBooks, Intuit will be able to offer a robust solution for accounting, tax computation and e-filing.

Intuit, a leader in business and financial management solutions for small businesses and accountants, also looks to add a significant base of over 20,000 of KDK Softwaresís customers.

KDK Softwares said it was serving 1 in 5 practicing chartered accountants in India.

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.

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.

QuickBooks is used by more than 5 million users worldwide, including 300,000 accountant users.

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