Intuit to acquire Mailchimp for $12 billion

Intuit, the developer of TurboTax and QuickBooks software, has agreed to buy email marketing company Mailchimp for $12 billion, the company said in a press release.

Intuit has agreed to pay $12 billion in cash and stock. The planned acquisition, the company hopes, will advance its mission “of powering prosperity around the world, and its strategy to become an AI-driven expert platform.”

Intuit hopes that the acquisition of Mailchimp will help accelerate two of its previously shared “strategic big bets: to become the center of small business growth; and to disrupt the small business mid-market.”

“Together, Mailchimp and QuickBooks will help solve small and mid-market businesses’ biggest barriers to growth, getting and retaining customers,” Sasan Goodarzi, CEO of Intuit, is quoted in a press release.

“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.”

Intuit hopes that 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.”