Intuit acquires TradeGecko to further strengthen its accounting platform QuickBooks
Global SaaS platform Intuit today announced that it has entered an agreement to acquire TradeGecko, the Singapore-based inventory and order management platform that aims to ease omnichannel commerce for small businesses.
The financial details of the deal were not disclosed. The transaction is expected to close in September.
Bloomberg reported that Intuit will pay more than US$80 million for TradeGecko. Citing people familiar with the matter, this deal is “marking one of the biggest exits in Singapore since the COVID-19 pandemic.”
Following the acquisition, TradeGecko co-founders Cameron Priest and Bradley Priest will join the Intuit team and “play an integral role in the product and team integration.”
Intuit is going to integrate its accounting platform QuickBooks’ suite of financial, payment, reporting and accounting tools with TradeGecko’s inventory and order management system. This will allow customers to launch and manage products across multiple online and offline sales channels; manage orders and inventory fulfilment from multiple channels and across multiple inventory locations; synchronise inventory across online and offline channels; avoid stock-outs and access real-time insights.
“Small businesses around the world are struggling to survive in this rapidly changing environment,” said Alex Chriss, EVP and GM of QuickBooks.
“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.”
In a press statement, TradeGecko CEO and co-founder Cameron Priest described the acquisition as an opportunity he “could not pass up.”
Founded in 2012, TradeGecko said that it serves customers in more than 100 countries. Its latest announced funding round is a Series B investment of US$10 million, led by TNB Aura Fund 1 and Aura Venture Fund.
QuickBooks said that it is now working with seven million small businesses around the world.
This acquisition is the latest notable one announced in Southeast Asia this year. Last month, Indonesian payments platforms OVO and Dana have been reported to agree to a merger while Filipino fintech company Ayannah merged with Indian counterpart ECAPS.
In a rather unusual move, Singapore-based relocation service Moovaz acquired media company The Finder from SPH.