Intuit announced that it has agreed to acquire Singapore's TradeGecko — the transaction is said to be over $80 million.

Intuit is a global financial platform focuses on SaaS (Software as a Service). The company has several successful financial products under its belt such as TurboTax, QuickBooks, and Mint.

TradeGecko is a Singapore based inventory management software founded by Cameron Priest and his team in 2012. 

Cameron and his co-founding team will be joining Intuit to play important roles in integrating TradeGecko's inventory and order management into QuickBooks, a cloud accounting software company with 7 million customers.

According to Alex Chriss, general manager of QuickBooks, small businesses around the world are struggling to survive in this rapidly changing environment. 

The purpose of the acquisition is to create a single tool to enhance and streamline the processes of launching and managing products across various channels for small businesses around the world .

“The need for a single tool that can reduce operational complexity for product-based businesses is acute.” Said Alex Chriss, GM of QuickBooks.