In­tuit to buy S’pore in­ven­tory software maker

The Star Malaysia - StarBiz - - Foreign News -

SIN­GA­PORE: 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 about Us$80mil 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$20mil 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$5bil in gross mer­chan­dise value. — Bloomberg

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