Financial software giant Intuit on Monday said it has entered into a deal to acquire Singapore-based inventory management software maker TradeGecko. Transaction details were not disclosed.
According to a Bloomberg report citing sources, Intuit will pay more than $80 million for the Singapore firm.
TradeGecko provides solutions to manage the entire backend operations of small and medium wholesale and e-commerce businesses. It offers a cloud-based platform for use by clients in fashion and apparel, cosmetics, health and wellness, and food and beverage sectors.
TradeGecko, which had laid off a quarter of its staff earlier this year, had been looking for a buyer for more than 18 months, according to several executives aware of the development.
The SaaS startup had raised over $20 million in funding from investors including TNB Ventures, Perle Ventures, 33 Capital, Openspace Ventures, Wavemaker Partners, 500 Startups and Jungle Ventures.
It had raised $8 million of this funding in the form of convertible notes that were slated to be repaid by March 31 this year after a proposed listing on the Australian Stock Exchange was shelved. It is not known if its investors converted the notes into equity after the March 31 deadline, or if they agreed to extend the repayment deadline.
Intuit plans to integrate its QuickBooks platforms’ financial, payment, reporting and accounting services with TradeGecko’s inventory and order-management systems, the US-based company said in a blog post on its website.
That will allow QuickBooks Online customers to manage products across multiple offline and online sales channels, manage orders and inventory fulfilment from multiple channels, Intuit said.
“Small businesses around the world are struggling to survive in this rapidly changing environment,” said Alex Chriss, executive vice president and general manager of QuickBooks, in the blog post.
“The need for a single tool that can reduce operational complexity for product-based businesses is acute. Integrating TradeGecko’s capabilities into QuickBooks Online will give our small business customers new paths to growth,” Chriss added.
Intuit did not immediately respond to DealStreetAsia’s after-hours emailed request for comment on the deal price.
TradeGecko’s founders, Cameron Priest and Bradley Priest, will join Intuit, the statement said.
On the TradeGecko site, co-founder and CEO Priest said his company was profitable and had processed over $5 billion in gross merchandise value across more than 100 countries.
Intuit offers financial management software products, with products including TurboTax, QuickBooks, Mint and Turbo.