Intuit Inc. (INTU: NASDAQ), the owners of QuickBooks, TurboTax, Mint, and Credit Karma has come to an agreement with a leading e-mail marketing platform for small and mid-market businesses, Mailchimp to acquire it. This acquisition will cost Intuit approximately $12 billion in cash and stock advances.
Mailchimp currently has a global reach of 13 million users, 2.4 million monthly active users, and 800,000 paid customers. The platform also boasts data as large as 70 billion contacts and 250+ partner integrations.
According to Intuit CEO, Sasan Goodarzi in a press release “Expanding our platform to be at the center of small and mid-market business growth helps them overcome their most important financial challenges. Adding Mailchimp furthers our vision to provide an end-to-end customer growth platform to help our customers grow and run their businesses, putting the power of data in their hands to thrive.”
Ben Chestnut, Mailchimp CEO added “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 services to small businesses. This is an exciting chapter for Mailchimp, our 1,200+ dedicated employees, and customers.”
Executive Vice-President and General Manager of the Intuit Small Business and Self-Employed Group, Alex Chriss 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, optimise cash flow and remain compliant”
The acquisition is expected to close prior to the end of Intuit’s Q2 fiscal 2022.