US-based financial solutions company, Intuit, has agreed to acquire a popular email marketing service, Mailchimp, for a reported sum of $12 billion in cash and stock.
Mailchimp brings approximately 13 million users globally, including 2.4 million monthly active users and 800,000 paid subscribers. The Atlanta-based emailing marketing automation platform also boasts 70 billion contacts and over 250 integrations.
California-based Intuit offers an array of financial assistance products for individuals as well as businesses, including Turbotax, Quickbooks, Mint and Credit Karma, among others.
While the ownership will change by the end of Q2 2022, Mailchimp owners can expect the same platform.
“Thanks for trusting us to help you grow your business. At our core, Mailchimp will always be the humble little monkey that I sketched in those early days, and our mission to empower the underdog will always be our north star,” said Ben Chestnut, CEO and Co-founder of Mailchimp.
Morgan Stanley & Co. LLC is serving as Intuit’s financial advisor and Latham & Watkins LLP is serving as its legal advisor. Qatalyst Partners is serving as Mailchimp’s exclusive financial advisor and King & Spalding LLP is its legal advisor.
“Today, QuickBooks helps more than 7 million small and mid-market businesses get paid fast, access capital, pay their employees and grow in an omnichannel world. Mailchimp’s addition will bring speed and velocity to these efforts, with the acceleration of mid-market expansion opportunities and global growth for both brands,” said Alex Chriss, Executive VP and GM, Intuit Small Business and Self-Employed Group.