The financial software provider Intuit has announced that it will be acquiring Mailchimp, an American marketing service, for approximately $12bn, paid through cash and stock.
Mailchimp is a marketing platform for businesses. It began in 2001 by offering email marketing and has since grown to help its users promote their business through social media, ads and websites as well. It currently employs more than 1,200 staff across the world.
Intuit is a global technology platform that provides a variety of financial services to approximately 100m customers. These include TurboTax, a tax management and assistance platform, and QuickBooks, an accounting software service.
Intuit said that it plans to focus on small and mid-market businesses through this acquisition, providing a host of services to these companies in one place.
“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,” said Sasan Goodarzi, CEO of Intuit.
“Expanding our platform to be at the centre 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.”
While Mailchimp started with its email marketing and is most known for this service, it now uses AI-driven automation to personalise messages for its users as well as providing analytics and data on a customer’s targeted market. With 13m users globally and 800,000 paid customers, Intuit said that Mailchimp has the potential to address the major barriers that many small businesses face.
Ben Chestnut, CEO and co-founder of Mailchimp reassured its userbase that disruption would be minimised through the acquisition: “While our ownership will change once the transaction closes, which we expect to happen prior to the end of Intuit’s second quarter fiscal 2022, our platform will stay Mailchimp through and through: the same user-friendly products and tools, the same resources and support, and the same brand you know and love.
“In fact, our goal is for all of these things to get even better as part of Intuit.And, in the meantime, you’ll have the customer experience you’ve come to expect from Mailchimp – including your monthly plan and 24/7 access to our award-winning support team.
“We know that our customers and partners expect consistency and continuity as much as they expect new features and functionality, and we’re committed to meeting your needs as we move forward together with Intuit.”
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