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Intuit to invest over $45 mn annually in India

Intuit to invest over $45 mn annually in India
PTI
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First Published: Wed, Mar 25 2009. 11 03 PM IST
Updated: Wed, Mar 25 2009. 11 03 PM IST
Mumbai: US-based software firm, Intuit Inc, plans to invest over $45 million in India in fiscal 2010 (beginning August), to fuel its expansion and enlarge its product portfolio.
The NASDAQ-listed company, which presently employs 250 people at its Bangalore office, will also ramp up its headcount in the country to 600 by end of next year.
“While firms globally are cutting costs and retrenching people, we are moving aggressively. We’ll be investing more than $45 million in India in FY 10,” Intuit Inc’s president and chief executive officer, Brad Smith, told reporters here Wednesday.
Intuit develops market-leading financial and tax preparation software for small-and-mid-sized businesses.
“We’ll be employing 50 people by end-December and by end of next year, we plan to hire 300 more, taking the total headcount to 600,” Intuit India Software Solutions’ Managing Director (India & Emerging Markets), Umang Bedi, said.
The company, which has an R&D unit in the country, plans to “set up a Global Business Division here to create products compliant with web and mobile devices for small businesses.”
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First Published: Wed, Mar 25 2009. 11 03 PM IST
More Topics: Intuit | US | Bangalore | NASDAQ | Brad Smith |