Mailchimp acquired by Intuit for $12 billion

The financial software company Intuit, who are behind TurboTax, QuickBooks, Mint and Credit Karma, has agreed to purchase Mailchimp for $12 billion

Mailchimp is an e-mail marketing platform, used by companies to manage mailing lists and develop automated marketing campaigns for their customers. The acquisition of Mailchimp by Intuit was especially aimed at small to medium-sized enterprises, in line with their long-term objective of becoming a hub for small-scale entrepreneurs.

The firm thinks that Mailchimp may become a “single source of truth” for small to medium-sized companies by combining Mailchimp with Intuit’s other products.

Intuit described its vision as such: “[We want] an innovative, end-to-end customer growth platform for small and mid-market businesses, which allows 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, with experts at their fingertips.”

Intuit can easily grow into this goal through the worldwide reach of Mailchimp’s customers. The purchase promises to be successful for both firms with 13 million worldwide customers, of which 50% are outside the US.

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.”

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