Intuit has announced it is acquiring email marketing service Mailchimp for $12 billion.

Mailchimp is one of the leading platforms for email marketing. The company was founded some 20 years ago, and is used by companies around the world. Intuit sees the acquisition as a way to improve its small and medium-sized business offerings, providing its customers a marketing solution to compliment its other services.

“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 center 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.” 

Ben Chestnut, co-founder of Mailchimp, echoed those sentiments:

“Together with Intuit, we’ll deliver an innovative small business growth engine powered by marketing automation, customer relationship management, accounting and compliance, payments and expense, and e-commerce solutions, creating a single source of truth for your business. We’ll also be able to offer more personalized support and onboarding, expand our international footprint, and scale our teams to innovate faster and deliver the solutions you want and need.”

The deal is worth $12 billion, in stock and cash, and subject to the usual regulatory approval. The deal is expected to close before the end of Intuit’s Q2 2022.