Intuit Launches Global Business Division: Plans to Create Products in India, for India
Leading Developer of Financial Software to use Local Talent and Expertise for Global Expansion
MUMBAI, India – Mar. 25, 2009 – Intuit Inc., a leading developer of business and personal finance management software, revealed plans today to create and offer products for the Indian market - products that will be developed in India, for India.
At a press conference in Mumbai, Intuit (Nasdaq: INTU) also announced it will establish a presence in India for its Global Business Division. The division will lead efforts to introduce Intuit's unique approach to customer-driven innovation in India, with plans to expand into major emerging markets in the Asia-Pacific region to pursue global growth opportunities.
Brad Smith, Intuit president and chief executive officer, said the division will create indigenous products, both for the Web and for mobile devices, to solve the unmet needs of individuals and small businesses in India and emerging markets. Smith introduced Umang Bedi, managing director of Intuit India, who will lead marketing Intuit products in India, and Lindsey Argalas, vice president of new market development for emerging markets.
The Intersection of Economy and Technology
The combination of rapidly developing economies and adoption of technology presented Intuit with a growth opportunity that led to expansion into India and the Asia- Pacific region, Smith said. There are 250 million small and medium-sized businesses in the region; 120 million of those are in India, including 30 million in urban areas and an additional 90 million in rural regions, who can benefit from the products Intuit plans to develop in the coming months.
New Products Planned
Intuit will focus initially on developing products for the Web and mobile devices that solve problems for both consumers and small businesses. These products will help consumers manage money, track expenses, and assist with their taxes. Other solutions will help small business owners find and retain customers and grow their businesses.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
About Intuit Global Business Division
The Intuit Global Business Division is an innovative, high-performance, growth business that aims to promote products and services that revolutionize millions of lives in India. Building upon Intuit's legacy of customer-driven innovation, Intuit GBD promotes local solutions that will serve large, unmet or underserved needs among individuals and small business owners. Intuit GBD has employees located in Bangalore.
About Intuit India Development Centre
The Intuit India Development Centre is a product development and innovation centre located in Bangalore. Established in 2005, the 100,000-square-foot facility houses more than 250 employees who are actively involved in local innovation and global product development. Intuit IDC is owned and operated by Intuit.
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