Accounting software giant Intuit has acquired Australian cloud-based accounting practice management software provider Fifo and will make the software free of charge to accountant and bookkeeper users.
Intuit launched an Australian version of its QuickBooks Online cloud software last year.
The acquisition signalled Intuit’s commitment to providing business solutions to the Australian market, said Rich Walker, director, accountant and bookkeeper strategy, Intuit Australia, in a press release.
“The talented Melbourne-based Fifo team will join Intuit’s accounting professionals division and will help us address a big pain point for accountants and bookkeepers, as well as support our business strategy to become Australia’s small business operating system,” Walker said.
“Our aim is to focus on the key areas accountants need to improve in order to run a more efficient and profitable practice. Our commitment to an open ecosystem and decision to keep Fifo platform-agnostic will ensure that existing users continue to run their business and collaborate with their clients with no interruptions,” he said.
Former Fifo CEO Shane Macfarlane said in the press release he was excited to be working with Intuit and the opportunities ahead.
“Our main focus remains helping accounting firms and bookkeepers around the world use online solutions to run a more efficient office and be more profitable,” Macfarlane said.
“With the power of Intuit, and the opportunities to integrate with its market-leading QuickBooks Online accounting solution, we’ll be able to accelerate the pace of delivery and dramatically increase the number of customers we can serve,” Macfarlane said.
More coverage to follow.