Intuit is buying Mailchimp for $12 billion to focus on small businesses

The maker of tax return product TurboTax and different monetary software program introduced the cash-and-stock deal Monday, saying that it hopes Mailchimp will assist it “become the center of small business growth.”

As a part of the settlement, Mailchimp will work with QuickBooks, Intuit’s accounting software program, to assist small and medium-sized businesses purchase and retain prospects, Intuit CEO Sasan Goodarzi mentioned in a press release.

Mailchimp has “a lot of customer data. We have all the purchase data,” Goodarzi informed traders on a convention name Monday. “The magic is putting these two together.”

Mailchimp was based in Atlanta in 2001 and has 13 million customers, starting from small businesses and people to Fortune 100 corporations. Together, the 2 companies plan to assist corporations market their businesses on-line, handle buyer relationships and entry capital.

“This is an exciting new chapter for Mailchimp, our 1,200+ dedicated employees, and customers,” mentioned Ben Chestnut, CEO and co-founder of Mailchimp, in a press release.

Intuit mentioned the transaction, which is nonetheless topic to regulatory approvals, is anticipated to shut earlier than the tip of the corporate’s second quarter in fiscal 2022.

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