Intuit is buying email newsletter platform Mailchimp for about $12 billion in its biggest deal ever.
The maker of tax return product TurboTax and other financial software announced the cash-and-stock deal Monday, saying that it hopes Mailchimp will help it “become the center of small business growth.”
As part of the agreement, Mailchimp will work with QuickBooks, Intuit’s accounting software, to help small and medium-sized businesses acquire and retain customers, Intuit CEO Sasan Goodarzi said in a statement.
Together, Intuit and Mailchimp will work to deliver on the vision of an innovative, end-to-end customer growth platform for small and mid-market businesses, allowing 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. Delivering on the promise to be the single source of truth, small and mid-market businesses will have the power to combine their customer data from Mailchimp and QuickBooks’ purchase data to get the actionable insights they need to grow and run their businesses with confidence.