Intuit targets India with new global business unit

Intuit targets India with new global business unit

US financial management software firm Intuit has outlined plans to develop and sell products specifically aimed at the fast growing Indian market.

The developer of QuickBooks, Quicken and TurboTax says it will establish a global business division in the country to create the India-centric products and prepare for an expansion into other emerging markets in Asia Pacific.

The division will create indigenous products, both for the Web and for mobile devices, to help people and small businesses manage money, track expenses, and deal with taxes.

The firm says there are 250 million small and medium-sized businesses in Asia Pacific, with 120 million of those in India.

It has appointed Umang Bedi as managing director of Intuit India and Lindsey Argalas, vice president of new market development for emerging markets.

Brad Smith, president and CEO, Intuit, says: "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, and upholding our commitment in helping people save and make money."

Bedi adds: "Technology evolution and adoption in India is growing at a phenomenal rate. With the global economic slowdown, more people are involved in managing their own finances, and this is where Intuit can revolutionise the way people handle their businesses and finances."

According to local press reports, the company will invest over $45 million in India in fiscal 2010 and increase its headcount in the country to 600,

Intuit already runs a development centre in Bangalore, which currently employees 240 people.

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