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Intuit, whose range of products includes QuickBooks, has entered into an agreement to purchase an Australian accounting software provider.
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Intuit acquires Australian start-up
20 May 2014
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8 minute read
The US-registered Intuit Incorporated has announced it will purchase Sydney-based software start-up Invitco.
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Speaking to AccountantsDaily, Brad Paterson, vice president and managing director of Intuit for the Asia-Pacific region, said the acquisition of Invitco, producer of accounts payable solution Invitbox, was based on the start-up's “phenomenal” technology and “impressive” personnel".
“We spoke to a number of accountants and bookkeeping partners in Australia and they were incredibly bullish and supportive of Invitbox, and the team at Invitbox are incredibly impressive, so it just made sense,” he said.
The acquisition is one step in part of a broader push by the international software giant into the Australian marketplace.
“We are committed to building our technology, people and partnerships in the market wherever it makes sense,” said Mr Paterson.
“I can’t commit or comment on what we have in the works, but I can say we are very much open to and exploring a number of different opportunities in the market as they present themselves or as they exist today,” he said.
After hiring the first Australia-based employee just nine months ago, Mr Paterson said he expects Intuit to have 30 Australia-based staff on board by the end of July.
“We are aiming to continue the trajectory of growth of our BDM team in working with partners in the market,” he said.
“We need to build our people to service our customers too. Our vision is to partner with those people, not to sell and then move on. They are partners, not a sales channel,” he added.
Mr Paterson also outlined plans for an aggressive marketing push.
“We have been quite passive to date on the marketing front and that will change dramatically in the next three months or so,” he said.
“You will see a lot more from QuickBooks in the market, talking to both small businesses and accountants and bookkeepers.”
Invitbox will continue to operate independently of Intuit but its products will be more closely integrated with the software giant’s offering.
“It will be business as usual, it will continue to operate independently… it will remain [an] independent business and standalone product, which we will no doubt integrate even more closely into the QuickBooks product and realise the benefits in doing so for our customers,” Mr Paterson said.
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