© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - Quick off the Mark: Intuit Inc Acquires KDK Softwares Private Limited
Posted 25th March 2015

Quick off the Mark: Intuit Inc Acquires KDK Softwares Private Limited

Intuit Inc. is a software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. We spoke to Nikhil Arora, Vice President and Managing Director at Intuit India, on the landmark deal and the growing sense of optimism among

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Quick off the Mark: Intuit Inc Acquires KDK Softwares Private Limited
Image

Quick off the Mark: Intuit Inc Acquires KDK Softwares

Private Limited

Intuit Inc. is a software company that develops financial and tax preparation software and related services for small businesses, accountants and individuals. We spoke to Nikhil Arora, Vice President and Managing Director at Intuit India, on the landmark deal and the growing sense of optimism among Indian businesses.

The Indian economy is currently going through an exciting phase of growth and development, with  Small and Medium Enterprises (SMEs) especially experiencing exponential growth over the last decade. According to the latest reports by the SMB Chamber of Commerce and the Ministry of Micro, Small and Medium Enterprises (MSME), India currently has more than 48 million SMEs and Indian SMEs who have grown at a stable pace of 4.5% in the last 5 years. These SMEs contribute to more than 45% of India’s industrial output, 40% of the country’s total exports and create 1.3 million jobs every year. What’s more encouraging is that technology is a key catalyst fueling the growth of small businesses in India today. Furthermore, progressive small businesses are investing more in technology-based solutions, view technology as a business enabler, and are much more likely to expect revenue growth.  As for technology, cloud, mobile management and social media are key trends impacting small business growth.

All of the above reasons highlight why Intuit have decided to invest in India, and Intuit maintain an optimistic outlook on the region. “At Intuit we are thrilled to be in India offering cloud solutions to small businesses and accountants, and contributing towards accelerating their growth,” says Arora. “The number of small and midsize businesses heading toward cloud services is expected to climb 20 percent between 2012 and 2016, as the workforce drops in age and more Indian companies embrace technology.

“It is this prevailing sense of optimism in the Indian business community helped us finance our deal. There is increasing popularity of online businesses among the masses, as well as the now widespread use of smart phones, cloud computing and funding to ecommerce models. Furthermore, positive media coverage on the Indian start up space have made smaller Indian players open to the idea of partnering with global players.”

Intuit are a company who create business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Other products include Mint.com, which provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. Furthermore, ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants.

With all of these products and services combined, Intuit had a revenue of $4.5 billion in its fiscal year 2014. Since being founded in 1983, the company has grown to include approximately 8,000 employees, with major offices in the United States, Canada, the United Kingdom, India and other locations.

India are Intuit’s first venture in the Asia Pacific region, which Arora wants to create an even greater presence in that region. “We commenced operations in India in 2005,” says Arora. “Today, we currently have more than 900 employees across offices in Gurgaon, Bangalore, Mumbai and Jaipur. Our commitment and investment in India is three-fold: to be the ecosystem behind small business success, to invest in Indian employees, and to learn from the best in India.”

Evidence of Intuit’s track record of expansion can be found with their flagship product Quickbooks. This product started its journey 25 years ago as a desktop product and a decade ago they introduced QuickBooks Online the cloud product.  Today, Intuit QuickBooks is sold globally in markets like the US, Canada, UK, Singapore, Australia and India.  It is now the world’s No.1 cloud business and financial management software for small businesses and accountants, with 1.5 million users in over 124 countries are using the cloud product.

Intuit launched QuickBooks in India in 2012, where they have continued to add even more users to their flagship service. “Since the launch of Intuit QuickBooks in India, we’re seeing some exciting results as it’s helping small businesses effectively manage their business finances and helping accountants to better collaborate with their clients,” says Arora. “In 2013 we introduced the all-new reimagined QuickBooks,–as the global small business operating system, and the new redesigned QuickBooks was unveiled at the QuickBooks Conclave 2013. This next–generation QuickBooks, available in more than 100 countries, provides small businesses and accountants with an intuitive, easy-to-use design and access to a robust, open and scalable platform that works anytime, anywhere.”

As a service that is leading the way in terms of delivering cloud business and financial management software, Arora explained why they are different from their competitors. “We rebuilt QuickBooks from the ground up to deliver a simple, yet powerful platform that goes beyond accounting and offers small businesses an unprecedented business management solution. QuickBooks is built to take advantage of the cloud, which means that small businesses can access their key business information anytime, anywhere on the go, and it’s positioned to connect with other services that small businesses rely on around the globe. Our slogan is that Quickbooks ‘allows small businesses to organize all their business finances in one place’ – enabling them to take quick and informed decisions: anytime, anywhere. For accountants – QuickBooks allows accountants to grow their practice by enabling better collaboration with their clients.

“In terms of Quickbooks’ availability in India, it is unlike any other solution currently available for small businesses and accountants. No other company has the simplicity of its design, its open and integrated platform, as well as it being tailored to your life and that you can access it anywhere, anytime, and through any device. It is a web based, easy-to-use, and exclusively designed to help small businesses spend less time bookkeeping and more time growing their business.”

As market leaders in various different countries, it is their acquisition of KDK Softwares that sets the stage for them to become the ecosystem behind small business success in India. KDK Softwares Private Limited are a market leader in providing professional tax solutions,  and is a fast-growing company committed to providing reliable and cost-effective software solutions to Tax Professionals and small businesses throughout India. KDK Softwares, now part of Intuit India, has a customer base of over 20,000 accountants, which now means Intuit represent 1 in 5 registered practicing chartered accountants in India.

“We are excited to have gained the KDK Software management and team, whose experience and strong domain knowledge will enhance our capabilities,” says Arora. “Through this acquisition we are expanding our ecosystem of offerings by providing a simplified tax filing process for accountants, bookkeepers and their small business clients. We have witnessed that fifty percent of accountants’ time is spent doing taxes, with this acquisition and its integration with the popular QuickBooks, Intuit will be able to offer an end-to-end solution for accounting, tax computation and e-filing, thus saving valuable time. This will provide a seamless and collaborative tax filing solution for bookkeepers and accountants and their small business clients.

“The addition of KDK Softwares builds on Intuit’s QuickBooks small business ecosystem offering in India, providing a seamless and collaborative tax filing solution for bookkeepers, accountants and their small business clients. Furthermore, KDK Softwares brings the benefits of working with a partner with software skills, networking expertise, project management experience and domain knowledge in every aspect of statutory compliance.

“With this acquisition Intuit is today serving 1 in 5 practising chartered accountants in India. We have acquired 60 channel partners, who have presence across Tier 1 and Tier 2 cities in India.  With the integration of tax e-filing with QuickBooks, we’ll be able to offer our users in India with a robust product portfolio that takes us one step closer to becoming the small business ecosystem service provider.”

The deal process involved exploring who the industry leaders were and the finalization of the target of both firms. Among the other commitments were preliminary discussions and signing of LOI, due diligence and valuation by a leading accounting firm, negotiations, signing of share purchase agreement, fulfilment of closing conditions and integration planning.

With such a landmark deal being done, a meticulous level of preparation and detail were adhered to throughout the entire process. “Our focus from Day 1 was on planning and ensuring a smooth on-boarding and early employee experience,” says Aurora. “This involved ensuring that the best practices in employee benefits were implemented, that the team moved to a new upgraded facility, and that employee engagement events are conducted in a mix of Hindi and English for emotional connections. The key objective was minimum disruption to existing business and winning hearts and minds of the target’s team, which is why a dedicated full time integration manager was hired for integration planning.

“As a global company, we have many function leaders based in company headquarters in Mountain View, California, USA.  The deal required close coordination between Intuit’s India and US offices as well as with external legal advisors. We faced the typical challenges you would expect when a global company with 8000 employees acquires a regional player with 120 employees – differences in speed in decision making, multiple stakeholders, consensus building, cultural and geographic barriers.”

Looking towards the future, Arora’s vision is to build Intuit’s presence in India even further. “By 2020 we want 1 in 4 small businesses to be using Intuit products and services. We have invested a lot of time to learn and understand environment in which our customers operate. Moreover, we have brought our passion for innovation and solving customers’ challenges to India and are optimistic about the collaboration and new ideas generated within the country today.

“We are leveraging our proven methods for innovation through the follow me homes, where we observe customers at home or at work, and try to understand the behaviours, wants and needs of Indian small businesses. With our Quickbooks service, accountants are favourably recommending the product to their clients, as well as using it. We are seeing a 49% month over month growth rate in the product adoption by accountants.  As a result, we are working on creating offerings to help address crucial pain points of India’s millions of small businesses which include: managing their business, get paid and pay others, and to find and retain customers.”

Alongside this acquisition, another important development for Intuit includes a strategic partnership with Paybooks, one of the premier and fast growing cloud based payroll providers in India, who will offer a comprehensive payroll platform for small business owners and accountants. “The reinvented Intuit QuickBooks will help users manage end-to-end payroll, benefits and compliances. With the payroll integration, Intuit QuickBooks will have a unique and fully integrated cloud based financial management solution with payroll capabilities focused on small businesses.

“At Intuit we are committed to solving challenges faced by small businesses and accountants in India by providing awareness, availability and affordability of technology to small businesses. As the market leader in cloud based financial solutions, we want to be at the forefront of the development of small business ecosystem. The company, with its global legacy, has institutionalized the process of propelling innovation internally and is creating platforms to bring the ecosystem together externally towards becoming a true partner for small businesses in India.

“Today we are providing financial management, professional tax and payroll solutions to small businesses and accountants. In the future we would be introducing inventory management, grow your business and payments software solutions in India. “

CONTACT DETAILS

Company: Intuit Software Solutions Private Limited

Name: Nikhil Arora

Email: [email protected]

Web Address: www.intuit.in

Address: Intuit India Software Solutions Pvt Ltd

Executive Center, 18th Floor, One Horizon Center, DLF City V, Sector 43, Gurgaon – 122003

Haryana, India

Telephone: 0124-6687913

Categories: Innovation, Leadership


You Might Also Like
Read Full PostRead - Eye Icon
FairMedOnline Expands
M&A
07/11/2016FairMedOnline Expands

Caremondo is a full-service global platform for high-quality medical travel. It allows patients to compare and book medical, dental, and aesthetic treatments abroad in more than 160 accredited partner healthcare facilities in over 20 countries worldwide.

Read Full PostRead - Eye Icon
Are law firms being proactive enough when it comes to cyber security?
Legal
01/04/2021Are law firms being proactive enough when it comes to cyber security?

Lockdown working has exposed the gaps in cyber security practices in many law firms. With hackers looking for a pay day, it’s never too late to become cyber proactive. Guy Lloyd at CySure explains why cyber security doesn’t need to be complex, costly or co

Read Full PostRead - Eye Icon
3 Ways to Implement Modernity in Your Transportation Business
Innovation
21/12/20213 Ways to Implement Modernity in Your Transportation Business

The business of transportation is hardly new, however, some of the newest businesses to emerge onto the scene have models and processes that their predecessors do not. Even though this industry will for the most part always be an essential sector of business,

Read Full PostRead - Eye Icon
The Art of Transfer Pricing
Finance
29/09/2016The Art of Transfer Pricing

Set up in 1971, Vaish Associates Advocates (‘VA’) is a full-service law firm based in New Delhi, Mumbai, and Bengaluru, India, having an experienced team of 12 partners and over 100 associates, specialising in direct tax, corporate laws, and intellectual p

Read Full PostRead - Eye Icon
Working From Home Can Slash Payback Periods for EV Drivers
Finance
10/11/2022Working From Home Can Slash Payback Periods for EV Drivers

According to insight from the Office for National Statistics (ONS), more than 38% of the UK workforce now enjoy either a part-hybrid or totally remote role. While sceptics have suggested that this trend will begin to fall in-line with retreating COVID-19 cases

Read Full PostRead - Eye Icon
How Good Partnerships Promote Success
M&A
14/01/2015How Good Partnerships Promote Success

We, at Symphony Communication Services, are honored to receive Acquisition International’s Deal of the Year award.

Read Full PostRead - Eye Icon
Lawyers in Libya
Legal
16/02/2018Lawyers in Libya

Mr. Rajab Bakhnug is Senior Partner and Managing Director of Bakhnug Law Firm. The firm specialises in business, construction, investment, contracting, litigation and arbitration.

Read Full PostRead - Eye Icon
Should Companies Add Bitcoin To Their Balance Sheet?
Finance
21/05/2021Should Companies Add Bitcoin To Their Balance Sheet?

There’s no denying that Bitcoin has come a long way over the last decade. The cryptocurrency that used to be regarded as the outsider, which people seemed to believe was exclusively used by people working in basements for transactions that they didn’t want

Read Full PostRead - Eye Icon
Due Diligence Solutions : Exceeding Clients Expectations
Legal
13/08/2019Due Diligence Solutions : Exceeding Clients Expectations

Due Diligence Solutions is an independent business supporting IFA/Firms to complete their platform and DFM due diligence review.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow