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Intuit Inks Deal To Purchase Order Management Provider TradeGecko

August 04, 2020 at 09:28PM

Intuit, maker of QuickBooks, has inked a deal to purchase inventory and order management technology provider TradeGecko. The deal is forecast to close in September of this year, according to an announcement from Intuit.

QuickBooks Online (QBO) customers will be able to complete tasks such as rolling out and handing products throughout different digital and offline sales channels through the integration. They can also receive real-time data and prevent stock-outs, among other benefits, with the connection.

“Small businesses around the world are struggling to survive in this rapidly changing environment,” Alex Chriss, EVP and GM of QuickBooks, said in the announcement. “The need for a single tool that can reduce operational complexity for product-based businesses is acute.”

TradeGecko, which is located in Singapore and works with clients in over 100 nations, was started in 2012 by CEO Cameron Priest and CTO Bradley Priest. The company’s co-founders will become part of Intuit and will help with key aspects in “product and team integration,” according to the announcement.

Cameron Priest said in the announcement, “Our mission is to enable entrepreneurs to build the business of their dreams, and partnering with QuickBooks will allow us to empower millions of small businesses.”

QuickBooks, for its part, is a partner for over 7 million small companies throughout the globe, with a collection of services that assist firms in receiving fast payments, paying workers and supervising funds.

In separate news, The U.S. Department of Justice (DOJ) has rolled out an investigation into Intuit’s $7.1 billion purchase of Credit Karma. The department has brought forward questions regarding possible antitrust issues if Intuit, which makes TurboTax, takes over its former competitor that provided complimentary tax preparation tools.

One former DOJ lawyer told ProPublica regarding the potential acquisition, “Allowing a near-monopolist to eliminate a maverick competitor poses obvious risks of harm.”

U.S. Rep. David Cicilline (D-Rhode Island) questioned the arrangement within weeks of the transaction’s announcement.

Intuit Inks Deal To Purchase Order Management Provider TradeGecko …

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