The deal comes in the wake of the US-based Intuit's entry into the Australian market with a strengthening of its on-the-ground presence here over recent months following last year's break with competitor Reckon, which previously sold QuickBooks but now offers online accounting software under its own brand.
The deal also signals Intuit's intentions to continuing to ramp up its Australian and ANZ regional operations in a highly competitive online accounting software market dominated by other major players including MYOB, Xero and Reckon.
Intuit Vice President and Managing Director for the Asia Pacific region, Brad Paterson, said Intuit has entered an agreement to purchase invicto.
Established in 2011, Sydney-based invicto’s cloud-based data extraction technology solution invitbox, streamlines accounts payable processes and transforms the way bookkeepers and accountants work.
Paterson said the deal signals Intuit’s “ongoing commitment and investment to create innovative solutions that help small businesses around the world save time and grow their businesses.”
According to Paterson, invitco’s visionary approach to the future of accounting aligns with Intuit’s mission and will put Intuit at the “forefront of key business and technology developments including data in the cloud, social and user contributions and paperless, sustainable office environments.”
“This successful young company, together with Intuit’s strong brand and 30+ years of experience solving problems for small businesses and accountants, will provide a compelling cloud platform solution to the accounting fraternity and their customers,” Paterson said.
Paterson said the two companies also shared a common belief in the benefits of moving accounting practices online and a commitment to an open platform and Application Programming Interface (API), enabling their solutions to be available to virtually anyone using any accounting solution.
“Intuit is assembling the technology that is the foundation for its small business ecosystem through building, buying and partnerships with its growing community of developers.”
“From this acquisition, Intuit is gaining great talent and industry leading technology as we continue to build our offerings and customer base in Australia and around the globe,”Roger Gregg, CEO of invitco said in a blog about the transaction.
“What really unites Intuit and invitco is our shared vision and approach to the future of accounting and bookkeeping. We will continue to develop technology solutions that contribute in some small way to freeing accountants and bookkeepers from performing repetitive tasks so they can focus on more strategic value and services for their clients. That sits very nicely with Intuit’s focus on enabling them to save time and grow their practices,” Gregg said.