Intuit, the parent company of TurboTax and QuickBooks, will acquire Mailchimp, a company best known as a provider of email marketing services, the companies announced Monday.
The cash and stock deal, which is subject to regulatory approval, will value Mailchimp at approximately $12 billion.
For Intuit, the deal is part of an effort to woo small and medium businesses. The software giant hopes to combine Mailchimp’s digital marketing services with its tax program QuickBooks to create a one-stop shop for companies.
Intuit’s chief executive, Sasan Gudarzi, said in a statement, Intuit seeks to “solve the biggest barriers to business growth, acquiring and retaining customers.”
Atlanta-based Mailchimp, founded in 2001, is best known for its email marketing platform, which it advertises in abundance. On podcasts like “Serial”. Its platform has evolved to include marketing services and software for tracking customer engagement. It has approximately 13 million total users globally and 800,000 paid customers, half of whom are outside the US.