Intuit, the global technology platform that makes TurboTax, QuickBooks, Mint, and Credit Karma, has agreed to acquire Mailchimp, the global customer engagement and marketing platform in a $12bn deal.
The firm said the planned acquisition of Mailchimp for approximately $12 bn cash and stock “advances” its mission of “powering prosperity around the world”, and its strategy to become an AI-driven expert platform.
With the acquisition of Mailchimp, Intuit added it will accelerate two of its previously-shared strategic Big Bets: to become “the center of small business growth”; and to “disrupt the small business mid-market”.
Together, Intuit and Mailchimp will aim to work to deliver on the vision of an “innovative, end-to-end customer growth platform” for small and mid-market businesses, allowing 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 stay compliant.
Sasan Goodarzi, CEO of Intuit, said: “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.”
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.”