Intuit, the company behind both TurboTax and QuickBooks, has confirmed that it has agreed to acquire 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-powered specialist platform. However, the deal will allow Intuit to accelerate its bigger bets when it comes to becoming the center of small business growth and disrupting the small business mid-market.
Intuit and Mailchimp aim to complement their shared vision of an end-to-end customer development platform for SMBs that allows them to get their business online, market their business, manage customer relationships, benefit from insights and analytics Allows to receive, receive payments, access. Optimize capital, pay employees, cash flow, get organized and stay in line with experts at your 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 business.
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Intuit’s CEO, Sasan Gudarzi, explained how the deal will enable the company to help small and mid-market businesses overcome financial challenges in a press release, saying:
“We are focused on driving prosperity for consumers and small businesses around the world. Mailchimp and QuickBooks together are one of the biggest barriers to small and mid-market businesses growing, acquiring and retaining customers. Expanding our platform to be at the heart of small and mid-market business growth helps them address their most critical financial challenges. Adding Mailchimp helps our customers grow and Our vision of providing an end-to-end customer development platform to help them run their businesses goes further, putting the power of data in their hands.
Intuit and Mailchimp
Founded in 2001 in Atlanta, Georgia, Mailchimp brings global customer reach as well as massive technology to Intuit. The company began offering email marketing solutions before evolving into a global leader in customer engagement and marketing automation powered by a state-of-the-art AI-driven technology stack.
Mailchimp CEO and co-founder, Ben Chestnut, providing further details about the growth and expansion of the company’s business over the past two decades, said:
“Over the past two decades, we have massively expanded and grown Mailchimp’s platform to help millions of small businesses around the world start and grow. With Intuit, we have found a shared passion for empowering small businesses. By partnering with Intuit, we will take our offerings to the next level, leveraging Intuit’s AI-powered specialist 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 before the end of the company’s second fiscal quarter in 2022, though the deal will still be subject to regulatory approval and other customary closing conditions.
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