American software developer Intuit announced the purchase of mailing list service Mailchimp for $ 12 billion, according to a press release on the Intuit website.
Intuit, known as a developer of financial reporting software, intends to promote its own accounting service, QuickBooks, with Mailchimp. According to Sasan Gudarzi, CEO of Intuit, this will allow small and medium-sized businesses to acquire new and retain old customers, as well as “overcome the barriers to growth.”
The company expects the deal to increase Intuit's profits in fiscal 2022. According to the Nasdaq exchange as of September 13, 2021, the company's capitalization is more than $ 155.2 billion.
The deal is expected to close before the end of the second quarter of fiscal 2022 if the companies obtain regulatory approvals.
On August 31, Bloomberg reported about a possible deal between Intuit and Mailchimp, according to the agency, it was a purchase for more than $ 10 billion. Sources of the publication reported that Mailchimp has a second buyer. Mailchimp had $ 300 million in revenue in 2020, according to one source.
At the time of the deal, Mailchimp was owned by founders Ben Chesnut and Mark Armstrong. They started a mailing list company in 2001. Intuit was founded in 1983. Its main product is the TurboTax tax filing program for US residents. In 2020, Intuit bought the personal finance service Credit Carma for $ 7.1 billion.
