How does Intuit explore the business in America with unique acquisition strategies

The financial calculations are complex and need to perform appropriately. We can do such calculations or statistics manually, but being a human, chances of mistakes are there. While in business, the financial part is as important as production or service. Thus, if some flaws occur in the economics of that business, it will affect the business anonymously. Therefore, businesses rely on financial software and lessen the errors in it. In the world, there are many companies that develop such software. U.S.A based firm Intuit Inc. is one of the Software Companies that especially develop and sell financial software to accountants, small businesses, and individuals too. It is set up by two entrepreneurs Scott Cook and T. Proulx in 1983. With affordable service and acquisition strategy founders grew the business in the region of America. As per the recent data, Intuit has collected over 95% revenue from just America. Obviously, it is not easy to dominant any sector, but Intuit proved that if strategies are right anything is possible.    

How does Intuit Make it possible?

It’s a very common fact, the success of any business depends on the base of foundation and strategies to explore the business. After setting Intuit in 1983, founders build Quicken, the first product of the company. That time, Microsoft also launched Microsoft Money to compete Quicken. But Intuit changed the game with its next move. Intuit offered a rebate coupon of 15 US dollars; one can redeem this code on Intuit’s software purchase. In fact, no software company had offered such coupons in history. Thus, Intuit attracted many retailers and it won the trust of retailers and marked its beginning as financial software providers.

However, Microsoft was in competition mode with Intuit since the firm launched Quicken. So in return, Intuit started QuickBooks, a web-based product and solution. As well, focus on its other product TurboTax. Thereafter, the company went public in 1993 as well, changed the strategies to become dominant in this sector.

Further exploration of Intuit with an Acquisition strategy

The company acquired San Diego based Software Company called Chipsoft that primarily was a developer of tax-preparation software. After that, the market capitalization of Intuit raised noticeably. It crossed the line of 2 Billion Us dollars. Around this time, Intuit invested in many other financial software firms including Excite, Lacerete, etc. Intuit jumped into an online bill payment service after becoming a partner with CheckFree. Moreover, Intuit continued this strategy to build a stronger network in America. Recently, in 2020, the firm showed interest to acquire Credit Karma.

Backstory of foundation

The story starts with the idea of two entrepreneurs Scott and Tom. Scott cook realized that personal computers are very powerful. Also, he knew the fact that paper-pen based accounting can be replaced using a computer-based algorithm. With this idea, he started searching for a programmer to convert this idea into reality and that’s how he met Tom Proulx. After that, in 1983 they set up Intuit as a small company in Palo Alto in California.

The person behind Intuit’s foundation- Scott David Cook

He is the founder of Intuit Inc as well, Scott is serving as director of the company since 1983. Also, he served as chairman of the firm for five years (1993-1998) and also served as a CEO (1983-1994). Apart from that, he is Protect & Gamble and eBay’s director.

Scott attended the University of Southern California to graduating in economics and mathematics. Furthermore, he pursued an MBA from Harvard Business School.

What services are offered by Intuit?

Basically, the company develops and sells financial software to businesses, accountants, and persons. This software includes tax-preparation software, accounting, and other financial software. TurboTax and QuickBooks are the two most popular products in the company. The first one deals with tax preparation and the second is suitable for accounting programs of small businesses.

Current products

Other than TurboTax and QuickBooks online, the company has enabled a web-based financial service called Mint.com. As well, ProConnect, EasyAcct, etc products are active to provide tax solutions. The firm also started Credit Karma to access credit scores and monitoring.

Awards and recognition

The subsidiaries of intuit known as Intuit Canada was listed as one of Alberta’s Top Employers in 2008. Edmonton Journal and Calgary Herald announced this award. Recently, Intuit ranked at 11 numbers in the Fortune List of the Top 100 Companies to Work For in 2020.