Intuit, the global technology platform that makes TurboTax, QuickBooks, Mint, and Credit Karma, is acquiring MailChimp, an email marketing platform for businesses for approximately $12 billion in cash and stock advances.
This acquisition is the largest made by intuit to date. Last year, the company acquired Credit Karma for more than $8 billion.
According to a post, Intuit and Mailchimp will work to deliver an innovative small business growth engine powered by marketing automation, customer relationship management, accounting and compliance, payments and expense, and e-commerce solutions.
Businesses will have the power to combine their customer data from Mailchimp and QuickBooks’ purchase data to get the actionable insights they need to grow and run their businesses with confidence.
The acquisition is expected to close before the end of Intuit’s fiscal second quarter of 2022.
What they are saying
Ben Chestnut, CEO and Co-founder of Mailchimp said, “Over the past two decades, we’ve vastly expanded and evolved Mailchimp’s platform to help millions of small businesses around the world start and grow.
“With Intuit, we’ve found a shared passion for empowering small businesses. By joining forces with Intuit, we’ll take our offerings to the next level, leveraging Intuit’s AI-driven expert platform to deliver even better products and services to small businesses. This is an exciting new chapter for Mailchimp, our 1,200+ dedicated employees, and customers.”
Alex Chriss, Executive Vice President and General Manager of the Intuit Small Business and Self-Employed Group said, “Together, Mailchimp and QuickBooks will become a powerful engine for small and mid-market business customers to get, engage and retain their customers, run their businesses, optimize cash flow and remain compliant. Today, QuickBooks helps more than 7 million small and mid-market businesses get paid fast, access capital, pay their employees, and grow in an omnichannel world. Mailchimp’s addition will bring speed and velocity to these efforts, with the acceleration of mid-market expansion opportunities and global growth for both brands.”