Intuit, the financial software company behind TurboTax, QuickBooks, Mint and Credit Karma, has agreed to buy Mailchimp for $12 billion (£8.8bn).
Mailchimp is a marketing automation platform and email marketing service, used by businesses to manage their mailing lists and create email marketing campaigns and automations to send to customers.
Geared specifically towards growing small to mid-market businesses, Mailchimp’s acquisition by Intuit fits with its long-term strategy of becoming a centre for small business growth.
By uniting Mailchimp with Intuit’s other offerings, the software company hopes it can become the “single source of truth” for growing small to medium-sized businesses.
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.”
Mailchimp’s global customer reach may well be ideal for Intuit to expand into this vision. With 13 million total users worldwide, of which 50% are outside the US, the acquisition promises to prove fruitful for both companies’ goals.
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.”