GEARBOX SOFTWARE, INC.
(NASDAQ: GSX) will begin offering its free software free of charge to software developers, in a major step toward expanding the software’s market.
The move marks the first time an online accounting service provider will offer its software free to developers in the U.S.
In a blog post, Gearbox CEO and cofounder Randy Pitchford announced the service will begin rolling out on May 19.
“We are excited to announce our intention to offer free accounting services to the entire software developer community,” Pitchford wrote.
“We’ve always believed in free software and its ability to revolutionize business processes, and we’re excited to give people the tools they need to build the most sophisticated and effective accounting software they can.”
Pitchford said the move is an extension of the company’s efforts to increase adoption of the software.
Gearbox is the only online accounting firm to offer the free accounting service.
In addition to offering free software to its customers, GearBox also offers a free credit card processing tool.
“Free accounting is a fundamental concept in the world of software development,” Pitchf said.
“It has the potential to make the software industry as a whole much more transparent and efficient, and it has the power to make accounting more user-friendly and accessible to everyone.
We are thrilled to be helping drive the growth of free accounting and to continue building our global business.”
Pitches new company, Gearcamp, also offers the free online financial software.
Pitchford said he is working with the company to expand its offering to include accounting software as well.
For the past year, GearCamp has been the only provider of free software accounting software in the United States.
Pitchf also noted the company will continue to offer its free accounting tool to its clients.
The decision to offer paid accounting services has also helped Gearbox generate significant revenue, he said.
GearBox also has several other financial and accounting software products in the works, Pitchford noted.
The company will soon launch a free version of its accounting software for cloud-based systems.