Intuit to acquire tax solutions firm KDK Software

Company looks to add a significant base of over 20,000 of KDK Software's customers

Software solutions firm Intuit today said it will acquire tax computation and e-filing solutions company KDK Softwares for an undisclosed amount as the US-based firm aims to serve one in four small businesses in India by 2020.

The NASDAQ-listed company is also open to acquisitions and is looking at payroll and payment solutions, among others.

"This acquisition will strengthen Intuit's commitment of becoming the ecosystem behind small business and establish a strong position for the company to reach accountants in India," Intuit India Vice President and Managing Director Nikhil Arora told PTI.

Intuit looks to add a significant base of over 20,000 of KDK Software's customers. The Jaipur-based KDK Softwares is serving 1 in 5 practicing chartered accountants in India at present, he added.

"Our strategy focuses on organic and in-organic growth and partnerships in India. We plan to merge out Quickbook with KDK's solution," Arora said.

Quickbook already has about 100,000 users in India and 5 million globally, he added.

Adding that there is immense scope for IT solutions in the Indian small businesses space, Arora said of the 10 million small businesses that have PCs, about 2 million have access to broadband connections.

"We are open to more acquisitions, as our strategy is to provide an end-to-end solution of integrated accounting and tax capability. We are interested in payments, payroll solutions among others," he added.

Intuit will also expand its portfolio of offerings to include simplified tax filing for accountants, bookkeepers and their small business clients, he said.