Intuit to Acquire Singapore-based SaaS startup TradeGecko
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US financial and business software major Inuit announced on Tuesday that it will acquire TradeGecko, a software-as-a-service (Saas) startup that develops online inventory and order management software for small businesses.
The deal is expected to close by next month. Though the financial details were not disclosed by the company directly, a Bloomberg report suggests that the deal will be closed for about USD 80 million, as told by the people familiar with the matter.
Intuit plans to integrate TradeGecko’s inventory and order management with its bookkeeping platform QuickBook’s suite of financial, payment, reporting and accounting tools.
Integration of the two platforms will allow QuickBook’s customers to launch and manage products across online and offline sales channels, manage orders and inventory fulfillment from several channels and across inventory locations, synchronize inventory across online and offline channels, avoid stock-outs and access real-time insights, as per the company statement.
Commenting on the significance of one powerful platform for small businesses, Alex Chriss, EVP and GM, QuickBooks said, “Small businesses around the world are struggling to survive in this rapidly changing environment. The need for a single tool that can reduce operational complexity for product-based businesses is acute. Integrating TradeGecko’s capabilities into QuickBooks Online will give our small business customers new paths to growth.”
TradeGecko was founded in 2012 by brothers Cameron Priest and Bradley Priest. The Singapore-based firm is currently serving customers in over 100 countries and has raised cumulative USD 17.7 million in funding so far, as per Crunchbase data. Its investors include Jungle Ventures, Openspace Ventures and Wavemaker Partners, among others.
“Our mission is to enable entrepreneurs to build the business of their dreams, and partnering with QuickBooks will allow us to empower millions of small businesses,” said the co-founder and CEO Cameron Priest.
The two founders will join Intuit to take up roles in product and team integration.