Intuit plans to invest $45 Million in India
By siliconindia   |   Thursday, 26 March 2009, 17:46 IST
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Mumbai: Intuit, a developer of business and personal finance management software, has revealed its plans to invest $45 million in India and increase its product portfolio. Intuit will also establish its Global Business Division in India. The division will lead efforts to introduce Intuit's 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. The company, which presently employs 250 people at its Bangalore office, will also ramp up its headcount in the country to 600 by end of next year. Brad Smith, Intuit President and CEO, said the division would 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 as the Managing Director for Intuit India and Lindsey Argalas as Vice President of New Market Development for emerging markets. According to Smith, 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. "One of our main goals in India is to find an important, unsolved problem and solve it well-offering locally built connected services and solutions," Smith added. Strong business opportunities, a highly skilled workforce and an entrepreneurial spirit led Intuit to choose India as its entry point into the global market. Founded in 1983, Intuit develops financial management products for small and mid-sized businesses, financial institutions, consumers and accounting professionals. Intuit estimates that small businesses using its products in the United States generate revenue of more than $2.6 trillion, almost one-fifth of the country's gross domestic product.

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