Intuit Buys Mailchimp for $12 Billion

Tax and accounting software giant Intuit announced on Tuesday that it has agreed to purchase email newsletter platform Mailchimp in a $12 billion cash-and-stock deal.

Intuit, which is known for owning financial and accounting software packages like TurboTax, QuickBooks, Mint, and Credit Karma, said in a statement that the deal aims to boost the company’s “mission of powering prosperity around the world, and its strategy to become an AI-driven expert platform.”

The company’s acquisition of Mailchimp will help accelerate Intuit’s visions to provide business services to small- and mid-market companies.

“Delivering on the promise to be the single source of truth, small and mid-market businesses will have the power to combine their customer data from Mailchimp and QuickBooks’ purchase data to get the actionable insights they need to grow and run their businesses with confidence,” the company said in a statement.

Intuit’s deal to buy the Atlanta-based Mailchimp, which also marks the company’s largest acquisition to date, came a year after Intuit purchased Credit Karma for more than $8 billion.

“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,” Intuit CEO Sasan Goodarzi said.

“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.”

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