Intuit to acquire Email Marketer Mailchimp

Intuit Inc, the maker of TurboTax and QuickBooks software, agreed to buy privately held email marketing firm Mailchimp for $12 billion in cash and stock, uniting two providers of services for small businesses.

The deal, announced in a statement Monday that confirmed an earlier Bloomberg News report, will bolster Intuit's offerings for businesses looking for ways to reach and serve customers online. Intuit has offered QuickBooks accounting software to clients for decades, supplementing it with services such as Credit Karma, which it acquired last year.

By adding Mailchimp, Intuit is looking to build on a small-business recovery that has helped fuel sales of QuickBooks and other products. With customers getting operations back on track after Covid-19 disruptions -- and many digitizing their books for the first time Intuit has been able to capitalize.

Mailchimp is focused on digital marketing services, including social advertising, so-called shoppable links and automation products.

The deal is aimed at "improving the success rate for small businesses," Intuit Chief Executive Officer Sasan Goodarzi said in an interview, adding that there will be a lot of synergies between Mailchimp and Intuit's core customers. Mailchimp will integrate with QuickBooks and help clients figure out how to better target their customers, he said.

The planned transaction marks Intuit's largest deal to date, according to data compiled by Bloomberg. Mountain View, California-based Intuit paid $7.1 billion last year for Credit Karma, a personal finance website.

Intuit was able to win in the competitive process of buying Mailchimp thanks to Intuit co-founder Scott Cook's close relationship with the Mailchimp founders, Goodarzi said.