Intuit Inc. aims to expand in the fast-growing markets in India and Southeast Asia where demand for its personal and small-business finance software is expected to pick up, its chief executive said.
CEO Brad Smith said the overseas expansion, part of Intuit's 2020 Vision strategy, will also include China. Intuit's business is heavily focused on the United States now.
"We wanted to go into a market that is large with large unmet and underserved needs," Smith said at the company's investor day Wednesday at its headquarters in Mountain View, Calif.
Intuit, the maker of TurboTax and Quicken, announced a deal last week with the mobile phone maker Nokia Corp. to offer new services for businesses, particularly small businesses.
Intuit also offers online banking software to banks and owns the Mint.com personal financial management website.
The company reaffirmed its 2011 financial guidance of adjusted earnings of $2.36 to $2.43 a share, on revenue of $3.74 billion, to $3.84 billion. First-quarter estimates also remain the same at an adjusted loss of 11 cents to 13 cents on revenue of $515 million to $525 million.
In addition to exporting existing services, Intuit said it hopes to create new products overseas that could be brought back to the United States.
It is testing several products in India, and in December it launched its first financial product developed for the global market, Intuit Money Manager.
"Expansion of core services, such as mobile, will be crucial in next few years," said Sasan Goodarzi, who heads Intuit's financial services division.
