Intuit acquires Kiwi-founded ecommerce provider TradeGecko
Global business solutions provider Intuit has reportedly acquired ecommerce provider TradeGecko, which was originally founded in New Zealand and is now based in Singapore.
That’s according to TradeGecko cofounder and CEO Cameron Priest, who shared the news in a blog post this week.
Intuit is the name behind business solutions such as QuickBooks, TurboTax, and Mint, while TradeGecko specialises in solutions such as payments, automation, mobile sales applications, and multichannel sales.
Priest says that from the first conversations with Intuit, it was clear that the values, culture, and purposes were complementary – to help entrepreneurs and small businesses worldwide succeed in business.
QuickBooks Online will allow QBO customers to use TradeGecko's inventory and order management capabilities to launch and manage products across multiple online and offline sales channels, manage orders and inventory fulfillment from multiple channels and across multiple inventory locations, synchronise inventory across online and offline channels, avoid stock-outs and access real-time insights.
Priest adds that TradeGecko has built a business that now serves thousands of customers across more than 100 countries. Intuit has more than 7 million small businesses on its books.
“We couldn’t pass up the opportunity to accelerate our long-term mission of building the commerce platform to power millions of SMBs globally,” says Priest.
“Integrating TradeGecko’s robust inventory and order management system with QuickBooks’ suite of financial, payment, reporting and accounting tools will help product sellers run and grow their business, all in one powerful platform.”
QuickBooks EVP and GM Alex Chriss says that businesses are struggling to survive during COVID-19.
“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’s cofounders, Cameron and Bradley Priest, will join the Intuit team and will play integral roles in the product and team integration.
The transaction is expected to close in September.
“Partnering with Quickbooks is going to be an amazing opportunity to build the platform to power millions of SMBs,” Priest concludes.
QuickBooks used its fintech experience to help its customers obtain more than $1 billion in SBA-funded PPP loans during COVID-19.