“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 more than $80 million 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 $20 million 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 $5 billion in gross merchandise value, Chief Executive Officer Cameron Priest said in a separate post. The co-founders will join Intuit.
For more articles like this, please visit us at bloomberg.com
©2020 Bloomberg L.P.