Lionel Sujay Vailshery
Research expert covering the consumer electronics industry
Intuit - statistics & facts
Intuit, a financial software provider, has embraced Software-as-a-Service (SaaS) as a cornerstone of its business model by offering cloud-based solutions. As one of the top financial software providers in the world, Intuit aims to simplify cloud-based financial management for businesses and individuals alike. Their SaaS products provide users with convenient access to real-time data, streamlined workflows, and collaborative features, eliminating the need for on-premises IT (Information Technology) infrastructure and maintenance for enterprises.
Popular Intuit products
QuickBooks Online and TurboTax Online, Intuit's flagship SaaS offerings, have gained widespread popularity due to their comprehensive features and user-friendly interfaces coupled with solid social media campaigns. QuickBooks software, focused on catering to small and mid-size businesses (SMB) and accountants, provides tools for financial management, accounting, and reporting. Whereas TurboTax one of the most trusted brands among U.S. fintech, simplifies the process of tax preparation for individuals, offering guidance and personalized assistance for American and Canadian tax returns.
Acquisitions: Beyond bookkeeping and tax filings
Intuit's commitment to SaaS extends beyond its core products, evidenced by the acquisition of Mailchimp, an e-mail marketing platform, for 12 billion U.S. dollars. This acquisition has been an interesting move to scale products like QuickBooks into SMBs, integrating both customer communications and transactions into a single platform. The acquisition of Credit Karma for 7.1 billion U.S. dollars just the year before the Mailchimp acquisition expanded Intuit's SaaS portfolio, including consumer-focused tools for credit scores, reports, and financial recommendations. Furthermore, to keep in pace with the tech evolution, Intuit has announced its generative AI-powered Intuit Assistant. Intuit's strategic focus on SaaS, and targeted acquisitions positions it among some of the leading future-ready technology companies in the fast-evolving financial services software landscape, poised to expand its customer base and product offerings.
