Plans to Create Products in India, for India Leading Developer of Financial Software to use Local Talent and Expertise for Global Expansion.
Intuit Inc., a leading developer of business and personal finance management software, revealed plans today to create and offer products for the Indian market – products that will be developed in India, for India.
At a press conference in Mumbai, Intuit also announced it will establish its Global Business Division in India. The division will lead efforts to introduce Intuit’s unique approach to customer-driven innovation in India, with plans to expand into major emerging markets in the Asia-Pacific region to pursue global growth opportunities.
Brad Smith, Intuit President and Chief Executive Officer, said the division will create indigenous products, both for the Web and for mobile devices, to solve the unmet needs of individuals and small businesses in India and emerging markets. Mr. Smith introduced Umang Bedi as the Managing Director for Intuit India and Lindsey Argalas as Vice President of New Market Development for emerging markets.
Founded in 1983, Intuit develops market-leading financial management products for small and mid-sized businesses, financial institutions, consumers and accounting professionals. Its flagship products and services, including QuickBooks, Quicken and TurboTax software simplify small business management and payroll processing, personal finance, and tax preparation and filing. Intuit estimates that small businesses using its products in the United States generate revenue of more than $2.6 trillion, almost one-fifth of the country’s gross domestic product. In addition, nearly 70 percent of small businesses surveyed recently said that using QuickBooks helped them become more profitable.
Intuit plans to blend the expertise that made it successful in the United States and Canada with the talent found in India to create new, localized products.
The Intersection of Economy and Technology
The combination of rapidly developing economies and adoption of technology presented Intuit with a growth opportunity that led to expansion into India and the Asia- Pacific region, Mr. Smith said. There are 250 million small and medium-sized businesses in the region; 120 million of those are in India, including 30 million in urban areas and an additional 90 million in rural regions, who can benefit from the products Intuit plans to develop in the coming months.
“One of our main goals in India is to find an important, unsolved problem and solve it well – offering locally built connected services and solutions, and upholding our commitment in helping people save and make money,” Mr. Smith said. “Intuit will bring to the Indian market the same spirit of customer-driven innovation that has changed the financial lives of millions.”
Strong business opportunities, a highly skilled workforce and an entrepreneurial spirit led Intuit to choose India as its entry point into the global market, Mr. Bedi said. Since 2005, Intuit has expanded its Indian workforce from 90 to 250 employees.
“India is a hub of innovation, with the emerging market opportunities dominated by small businesses and individuals,” Mr. Bedi added. “Technology evolution and adoption in India is growing at a phenomenal rate. With the global economic slowdown, more people are involved in managing their own finances, and this is where Intuit can revolutionize the way people handle their businesses and finances.”
New Products Planned
Intuit will focus initially on developing products for the Web and mobile devices that solve problems for both consumers and small businesses. These products will help consumers manage money, track expenses, and assist with their taxes. Other solutions will help small business owners find and retain customers and grow their businesses.
“This is the right place and the right time for global expansion,” Mr. Smith said. “Consumers in India will benefit from new products developed by people who live and work here. We expect the combination of Intuit and India to revolutionize personal and small business finance here as it has in the United States.”
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. Intuit is listed on the Nasdaq stock market under the symbol INTU. More information is available at www.intuit.com.
Intuit was named the “World’s Most Admired Company” by Fortune Magazine in 2009, in addition to being named “America's Most Admired Software Company,” from 2005 – 2008. In January, Intuit was named to Fortune’s “100 Best Companies to Work For” list for the eighth consecutive year.
About Intuit Global Business Division
The Intuit Global Business Division is an innovative, high-performance, growth business that aims to promote products and services that revolutionize millions of lives in India. Building upon Intuit’s legacy of customer-driven innovation, Intuit GBD promotes local solutions that will serve large, unmet or underserved needs among individuals and small business owners. Intuit GBD has employees located in Bangalore.
Intuit GBD is a division of Intuit. More information is available at www.intuit.in.
About Intuit India Development Centre
The Intuit India Development Centre is a product development and innovation centre located in Bangalore. Established in 2005, the 100,000-square-foot facility houses more than 250 employees who are actively involved in local innovation and global product development. Intuit IDC is owned and operated by Intuit.
