Intuit, which is known for financial service offerings like TurboTax and Credit Karma, said it will use the acquisition to accelerate growth among small business clients. It marks the company’s largest acquisition to date. Last year, the company purchased Credit Karma for more than $8 billion.
Intuit will buy email marketing company Mailchimp for $12 billion in cash and stock, the companies said Monday.
According to Intuit, the acquisition of Mailchimp will enable it to build an “end-to-end customer growth platform” for SMBs. Intuit added that its SMB platform will enable businesses to go online, market, manage customer relationships and get analytics while managing cash flow.
In addition, Mailchimp and QuickBooks will integrate data to better target customers.
Mailchimp has 13 million users global, 2.4 million monthly active users and 800,000 paid customers. The company also has data stores and AI tools that can be integrated with Intuit.
Intuit said that Mailchimp will be accretive to its fiscal year non-GAAP earnings. The Mailchimp purchase is part of Intuit’s strategy to place big bets to drive SMB growth and disrupt the market.
For Latest News Follow us on Google News
- Show all
- Trending News
- Popular By week