Yahoo Finance Intuit agrees to buy Singapore inventory software maker
By Yoolim Lee
(Bloomberg) -- Intuit Inc. has agreed to acquire TradeGecko, a Singapore-based inventory and order management software platform for small retailers and wholesalers in more than 100 countries.
The Mountain View, California-based company will integrate TradeGecko’s system into its QuickBooks accounting suite to help sellers manage their orders and inventory, according to a blog post. The transaction is expected to close in September.
“Small businesses around the world are struggling to survive in the rapidly changing environment,” said Alex Chriss, executive vice president of QuickBooks, which counts 7 million small firms as its customers for processing payroll, managing capital and receiving payments. “Integrating TradeGecko’s capabilities into QuickBooks Online will give our small business customers new paths to growth.”
Intuit will pay more than US$80 million for TradeGecko, according to people familiar with the matter, marking one of the biggest exits in Singapore since the Covid-19 pandemic. TradeGecko has raised more than US$20 million to date from investors including Wavemaker Partners, Openspace Ventures and Jungle Ventures.
TradeGecko was founded in Singapore in 2012 and led by New Zealand brothers Cameron and Bradley Priest. The firm now serves thousands of small businesses globally, processing more than US$5 billion in gross merchandise value, Chief Executive Officer Cameron Priest said in a separate post. The co-founders will join Intuit.
© 2020 Bloomberg L.P.
