Intuit to Acquire KDK Softwares

New Delhi, Delhi, India- Business Wire India 
Intuit Inc. (Nasdaq: INTU), today announced that it has entered into an
agreement to acquire KDK Softwares India Private Limited a market leader in
providing professional tax solutions in India. This acquisition will further
strengthen Intuit's commitment of becoming the ecosystem behind small business
success and establishes a strong position for the company to reach accountants
in India. Intuit looks to add a significant base of over 20,000 of KDK
Softwares's customers.   KDK Softwares states that with its current market base
it 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, 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.   
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 closing of the acquisition is subject to the satisfaction of certain
customary closing conditions by the parties. 
Intuit is the world leader in business and financial management solutions for
small businesses and accountants. QuickBooks is used by more than 5 million
users worldwide, including 300,000 accountant users. 
“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,” he added. 
Kapil Goyal, Founder and Managing Director of 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.  Today we serve 1 in 5 practing chartered accountants in India and we
are very excited to join Intuit. Together we will be able to add  efficiency,
ease-of-use and time savings for small business ecosytem in India.  Also, KDK
Softwares accountants are early adopters of online solution and thus are an
ideal fit to take advantage of the QuickBooks integration.” 
About Intuit India  
Intuit is a leading 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. Intuit
stands on the core principles of customer-driven innovation and improving the
financial lives of its customers profoundly with product offerings such as
Intuit QuickBooks in India. Intuit has been ranked #8 Best Companies to Work for
in India in 2014, #5 in the IT industry and #2 in Flexibility & Work Life
Balance category by the Great Place to Work for Institute. For more information,
please visit http://www.intuit.in/ 
About Intuit Inc. 
Intuit Inc. creates 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. 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. Founded in 1983, Intuit had revenue of
$4.2 billion in its fiscal year 2013. The company has approximately 8,000
employees with major offices in the United States, Canada, the United Kingdom,
India and other locations. More information can be found at www.intuit.com. 
About KDK Softwares 
Established in 2003 as Software Development Company, KDK Softwares India Private
Limited, is a fast growing company committed to providing reliable and
cost-effective software solutions to Tax Professionals and SMEs all over India.
Headquartered in Jaipur, Rajasthan, KDK Softwares puts emphasis on quality,
world-class human resources and cutting edge solutions to help small businesses
file their taxes efficiently. With a successful track record of serving over
20,000 satisfied accountants and customers, KDK Softwares is an ISO 9001:2008
certified company and has more than 100 active partners across India. 
Intuit and the Intuit logo, among others, are registered trademarks and/or
registered service marks of Intuit Inc. in the United States and other
countries. 
Cautions About Forward-looking Statements  
This news release includes forward-looking statements, which are subject to safe
harbors created under the U.S. federal securities laws. All statements included
in this press release that address activities, events or developments that
Intuit expects, believes or anticipates will or may occur in the future are
forward-looking statements, including, particularly, statements about the
potential benefits of the proposed transaction to Intuit, the anticipated reach,
capabilities and opportunities of the combined company, the ability to provide
new services and products to customers, the ability to integrate capabilities,
the expected benefits to current and potential customers, and the expected
closing of the proposed transaction. All forward-looking statements are based on
the opinions and estimates of Intuit's management at the time the statements are
made and are subject to risks and uncertainties that could cause actual results
to differ materially from those anticipated in the forward-looking statements.
For information regarding risks related to Intuit, see discussion of risks and
other factors in documents filed by Intuit with the Securities and Exchange
Commission from time to time, including Intuit's Form 10-K for the year ended
July 31, 2013, available on Intuit's Web site at
www.intuit.com/about_intuit/investors. Intuit disclaims any intent or obligation
to update any forward-looking statements.  
Media Contact Details
Samantha Unnikrishnan, Intuit Inc., +91 (80) 41769200,
Samantha_Unnikrishnan@intuit.com 
Advait Soman, The PRactice, +91-9717106056, advait@the-practice.net 
KEYWORDS: Business/ Finance:Banking & Financial services, Business Services,
Information Technology, SME, Technology 
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-0- Jul/30/2014 12:04 GMT
 
 
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