Intuit Agrees to Acquire Mailchimp for About $12B

Intuit — which makes TurboTax, QuickBooks, Mint and Credit Karma — announced an approximately $12 billion cash and stock deal to acquire small- to medium-sized business (SMB) customer engagement and marketing platform Mailchimp, according to a Monday (Sept. 13) press release.

The deal allows Intuit to speed up its goal to serve as a catalyst for SMB growth and to shake up the SMB community, the release stated.

“We’re focused on powering prosperity around the world for consumers and small businesses,” said Intuit CEO Sasan Goodarzi in the release. “Together, Mailchimp and QuickBooks will help solve small and mid-market businesses’ biggest barriers to growth, getting and retaining customers. 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.”

Mailchimp has more than 13 million users globally, 2.4 million monthly active users and 800,000 paid customers, including 50% outside the U.S., according to the release. The company boasts 70 billion contacts and more than 250 partners. Artificial intelligence (AI) leads to 2.2 million predictions every day.

“With Intuit, we’ve found a shared passion for empowering small businesses,” said Mailchimp CEO and Co-Founder Ben Chestnut in the release. “By joining forces with Intuit, we’ll take our offerings to the next level.”

Morgan Stanley is Intuit’s financial advisor, and Latham and Watkins is serving as its legal advisor in the Mailchimp acquisition. Qatalyst Partners is Mailchimp’s financial advisor, and King and Spalding is its legal advisor on this transaction, the release stated.

Atlanta-based Mailchimp’s services include social advertising, shoppable links and automation tools. Intuit’s QuickBooks provides accounting software, along with the CreditKarma service, according to a previous report.

Read more: TurboTax Maker Intuit Could Acquire MailChimp for $10B+

The deal represents Intuit’s largest transaction to date, topping the $8.1 billion the company paid for CreditKarma last year.