Intuit, the company behind both TurboTax and QuickBooks, has confirmed that it has agreed to acquire the email marketing company Mailchimp for $12bn.
The company's planned acquisition of Mailchimp for approximately $12bn in cash and stock advances will help advance its goal of becoming an AI-driven expert platform. However, the deal will also allow Intuit to accelerate its big bets when it comes to becoming the center of small business growth and disrupting the small business mid-market.
Together Intuit and Mailchimp aim to deliver on their shared vision of an end-to-end customer growth platform for SMBs that allows them to get their business online, market their business, manage customer relationships, benefit from insights and analytics, get paid, access capital, pay employees, optimize cash flow, be organized and remain compliant with experts at their fingertips.
As part of the acquisition, SMBs will also have the ability to combine their customer data from Mailchimp and purchase data from QuickBooks to gain the actionable insights they need to grow and run their businesses.
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CEO of Intuit, Sasan Goodarzi explained how the deal will enable the company to help small and mid-market businesses to overcome financial challenges in a press release, saying:
“We’re focused on powering prosperity around the world for consumers and small businesses. Together, Mailchimp and QuickBooks will help solve small and mid-market businesses’ biggest barriers to growth, getting and retaining customers. 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.”
Intuit and Mailchimp
Founded in Atlanta, Georgia back in 2001, Mailchimp brings technology at scale along with global customer reach to Intuit. The company started out offering email marketing solutions before evolving into a global leader in customer engagement and marketing automation powered by a cutting-edge AI-drive technology stack.
CEO and co-founder of Mailchimp, Ben Chestnut provided further insight on how the company's business has grown and expanded over the past two decades, saying:
“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.”
Intuit's acquisition of Mailchimp is expected to close prior to the end of the company's second fiscal quarter in 2022 though the deal will still be subject to regulatory approvals and other customary closing conditions.
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