Intuit enters $12bn acquisition deal with Mailchimp
Intuit will acquire email marketing firm Mailchimp for $12bn in an all stock and cash deal
Global technology platform Intuit has announced it will acquire email marketing firm Mailchimp for $12bn in an all stock and cash deal.
The acquisition, aimed to leverage Mailchimp's AI and data-driven platform, will focus on powering small businesses by providing expert insights and data analytics. The two companies will work together to develop an end-to-end customer growth platform for SMEs to use for data management, customer engagement and marketing automation.
Founded in 2001 in Atlanta, USA, Mailchimp now has over 13 million global users, of which 2.4 million are active users. The company has 800,000 paid customers, with 50% of customers outside of the US, and its AI-powered automation fuels 2.2 million daily predictions, Intuit confirmed.
The move is the biggest acquisition deal for Intuit so far after it completed an $8.1bn acquisition of Credit Karma last year.
“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,” said Sasan Goodarzi, CEO of Intuit.
Ben Chestnut, CEO and co-founder of Mailchimp added: “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. 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.