Intuit has agreed to acquire email marketer Mailchimp for USD 12 billion in cash and stock advances. The global technology platform is acquiring Mailchimp just months after it spend USD 7.1 billion to purchase Credit Karma. The company is acquiring Mailchimp under a strategy to become an Artificial Intelligence-driven platform. Together, these companies would work to help bring small and mid-market businesses online. These companies would have then access to all the data that is required to run and grow their business. Commenting on the deal, Intuit chief executive officer Sasan Goodarzi said that ‘we want to put our capital to great use.’
“We want to expand the company so that it would have double-digit growth in coming days. We are committed to bringing prosperity to consumers and small businesses. The acquisition of Mailchimp and QuickBooks will help us solve the biggest barriers for the growth of small and mid-market businesses,” said Goodarzi. After the merger, Mailchimp will provide around 13 million users to Intuit. Moreover, it will bring 2.4 million monthly active users and 800,000 paid customers. Mailchimp has more than 70 billion contacts and over 250 partner integrations. After the deal, Intuit will have access to all of this and is hopeful of better earnings in the coming days.
Goodarzi said that recent acquisitions would allow Intuit to leap forward five to 10 years. “Acquisition of Credit Karma and Mailchimp allowed us access to more advanced technologies. We have only experimented with such technologies and realized that it would take us 10 years to develop what they already have. The recent decision to acquire Mailchimp will help us expand our vision to provide a growth platform to our customers.” Experts are of the view the deal is extremely beneficial for the company. They feel that Intuit is not paying anything extra to finalize the deal. However, this is the biggest deal in the history of Intuit.