On a mission to promote business prosperity around the world, Intuit is purchasing key player Mailchimp for $12 billion in cash and stock.
Intuit saw Mailchimp as worth the bucks because of its status as a world-class, global customer engagement and marketing platform for small and mid-market businesses, according to a press release. It will join a team of business solutions, including QuickBooks, Credit Karma, Mint and Turbo Tax, to strengthen Intuit's global vision.
Final acquisition is dependent on the ironing out of details.
“We’re focused on powering prosperity around the world for consumers and small businesses,” Intuit CEO Sasan Goodarzi told BusinessWire. “Together, Mailchimp and QuickBooks will help solve small and mid-market businesses’ biggest barriers to growth: getting and retaining customers."
Goodarzi said Mailchimp will work with Intuit to build an innovative, end-to-end customer growth platform for small and mid-market businesses. All their business solutions will be available online from marketing to payroll and analytics, she said.
Founded in Atlanta roughly two decades ago, Mailchimp has made a reputation for itself by offering email marketing solutions and excelling in the area of marketing automation. The company has a global reach of nearly 13 million customers, 2.4 million monthly active users and 800,000 paid customers, at least half of them here in the states.
“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,” Ben Chestnut, CEO and co-founder of Mailchimp, told BusinessWire. "By joining forces with Intuit, we’ll take our offerings to the next level..., This is an exciting new chapter for Mailchimp, our 1,200+ dedicated employees and customers.”
Intuit's vision includes teaming up Mailchimp and QuickBooks to form a powerful engine for businesses looking to grow around the globe.
The pending acquisition is considered the largest involving a company built from the ground up and in private ownership, Axios reported. Since its 2001 inception, Mailchimp had not taken advantage of any outside funds.