Intuit has announced its plans to acquire Mailchimp, a leading customer engagement and marketing platform for small and mid-market businesses. The $12 billion acquisition is expected to close in Intuit’s second quarter of fiscal 2022, subject to regulatory approvals and closing conditions, and will be paid via cash and stock advances. Once the transaction is finalized, the two companies will develop and deliver an end-to-end customer growth platform for small and medium-sized businesses.
Intuit is a global technology platform helping customers and communities manage their financial challenges with a suite of products, including TurboTax, QuickBooks, Credit Karma, and Mint. Meanwhile, Mailchimp is an “all-in-one” marketing platform for growing businesses. It is outfitted with audience management, CRM, behavioral targeting, marketing automation, segmentation, analytics, A/B testing, creative tools, and a suite of integration capabilities.
The acquisition will help Intuit accelerate its plans to become a “center of small business growth” and “single source of truth” for small and mid-size businesses. Mailchimp will bring a global customer base and reach to Intuit alongside AI-powered automation, hundreds of partner integrations, and enhanced data analytics. The acquisition will also enable small and mid-size companies to merge their customer data from Mailchimp with purchase data from QuickBooks’ to unlock new and actionable insights.
Sasan Goodarzi, the CEO of Intuit, says, “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.”