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INTUIT: QB GETS HALF U.K. RETAIL BIZ
Intuit claims it has grabbed more than 50 percent of the market share for new retail sales of accounting software in the United Kingdom. That statistic was given this week by CEO Brad Smith during his presentation that was webcast from the Morgan Stanley Technology, Media, and Telecom Conference.
"We have taken share from entrenched competitors," Smith said. And in the U.K., the entrenched competitor would be Sage which has dominated that end of the market. The Sage entrant in this space is Sage 50. While Intuit has limited its international operations to the British Commonwealth countries, the CEO said the company has plans to enter other European markets, but he did not name any countries. Intuit has derived the overwhelming part of its revenue from the United States. However, for the first time, Smith talked publicly about international contributions and said that the company expects to add "one to two points of growth to the company's top line coming from global in the next few years". But that was as specific as he got.
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