Intuit buys Mailchimp for $ 12 billion

MOUNTAIN VIEW, Calif .: California-based Intuit, known for its small business accounting and tax reporting software including TurboTax and QuickBooks, has announced that it will acquire digital marketing firm Mailchimp for some $ 12 billion in the market. part of a cash and stock agreement. .

The company said the purchase, the largest in its history, is expected to be finalized by the second quarter of 2022 and will be funded with cash and new debt worth between $ 4.5 billion and $ 5.0 billion. of dollars.

He also bought the Credit Karma personal finance portal for just over $ 7 billion in 2020.

The agreement will allow Intuit to integrate spending information into Quickbooks.

“There is incredible power in combining customer data and purchasing data,” said Intuit CEO Sasan Goodarzi.

According to its website, Mailchimp was founded in 2001 as a web design agency, known as the Rocket Science Group, co-founded by Ben Chestnut and Dan Kurzius, which began to focus on large corporate clients. .

Mailchimp said 2020 revenue of $ 800 million, a 20% year-over-year increase, half of which is generated outside the United States. .

Intuit, which was founded in 1983 by Scott Cook and Tom Proulx, went public in 1993. Today it has more than 10,000 employees working in 20 offices in nine countries.

The two companies began discussing a potential partnership over a year ago, which then turned into talks about an acquisition that was reported by Bloomberg in September.

During negotiations, Intuit engaged Morgan Stanley as financial advisor and Latham & Watkins as legal advisor, while Mailchimp was advised by Qatalyst Partners and King & Spalding LLP.

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