Intuit to Acquire Mailchimp for $12 Billion
Intuit, providers of software like TurboTax, QuickBooks, Mint, and Credit Karma, will acquire Mailchimp, providers of a customer engagement and marketing platform for small and midsized businesses, for approximately $12 billion.
Together, Intuit and Mailchimp will work to deliver an end-to-end customer growth platform for small and midsized businesses, allowing them to combine their customer data from Mailchimp and QuickBooks' purchase data to get actionable insights.
"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, in a statement. "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."
Mailchimp brings to Intuit the following:
- Global customer reach with 13 million total users globally, 2.4 million monthly active users, and 800,000 paid customers;
- Data and technology in the form of 70 billion contacts and more than 250 rich partner integrations; and
- AI-powered automation at scale that fuels 2.2 million daily AI-driven predictions.
"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," said Ben Chestnut, CEO and co-founder of Mailchimp, in a statement. "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."
"Together, Mailchimp and QuickBooks will become a powerful engine for small and mid-market business customers to get, engage, and retain their customers, run their businesses, optimize cash flow, and remain compliant," said Alex Chriss, executive vice president and general manager of the Intuit Small Business and Self-Employed Group, in a statement. "Today, QuickBooks helps more than 7 million small and mid-market businesses get paid fast, access capital, pay their employees, and grow in an omnichannel world. Mailchimps addition will bring speed and velocity to these efforts, with the acceleration of mid-market expansion opportunities and global growth for both brands."