Intuit-ive Move for Tradeshift
Tradeshift, the Danish business networking and social e-invoicing platform has entered into a partnership with accountancy software vendor Intuit.
The deal with Intuit allows Tradeshift to be used by over 80% of small businesses in the US alone, where the Danish-originated company moved to in order to tap in to the American tech culture and marketplace.
Intuit has paid $10 million for a stake in the e-invoicing network which already has a number of big customers on its books, such as Vestas and the NHS, and the new tie-in will create the biggest e-invoicing network.
Christian Lanng, the Chief Executive Officer (CEO) of Tradeshift, said that the deal would help Quickbooks users get paid quicker through Tradeshift’s service. Small businesses using Quickbooks can now e-invoice large enterprises who are currently signed up to Tradeshift "out of the box".
SMEs can still send electronic invoices to firms who are not using Tradeshift but if those enterprises later join the Tradeshift ecosystem then the small and medium-sized businesses need to do nothing more as the system will manage the changeover.
Speaking from the firm’s new base in San Fransisco, Lanng said of the deal:
"At Tradeshift we understand the future of business will rely upon open connectivity between companies. At the heart of this understanding is realizing companies of all sizes must be provided a level playing field where they have access to the tools needed to operate efficiently and effectively in a digital world."
Speaking about access to the Quickbooks userbase, Lanng added:
"Partnering with Intuit will create one of the largest global networks of suppliers the business world has ever witnessed and is an enormous leap forward in achieving our goal of connecting every company on the planet on one, shared, open network."
Eric Dunn, senior Vice President (VP) of Intuit’s Commerce Network Solutions group was also upbeat on the new partnership between the two businesses:
"We chose to partner with Tradeshift because of the quality of their software, the size and growth rate of their network, and their demonstrated ability to work with some of the largest corporations in the world."
"Connecting Intuit’s small businesses to enterprises via the Tradeshift network addresses a very important pain point for many of our customers."
UK customers who trade abroad, particularly in Europe, can be encouraged by the international companies already on the Tradeshift network. With over 150,000 businesses in 190 countries, Tradeshift is used by our own NHS, German transport firm Kuehne+Nagel and both the French and Danish Governments.