- Date
- September 13, 2021
- Kind
- Acquisition
- Significance
- High
On September 13, 2021, Intuit announced an agreement to acquire Mailchimp, which it described as an all-in-one marketing platform and customer engagement leader for small and mid-market businesses, for about $12 billion.
The terms
- Consideration was payable in approximately equal parts cash and Intuit common stock.
- Intuit said Mailchimp had about 13 million users, 2.4 million monthly active users and 800,000 paid customers, and was led by co-founder and chief executive Ben Chestnut.
- Intuit expected the deal to close before the end of its second fiscal quarter of 2022.
The close
Intuit announced completion on November 1, 2021. It said total consideration was $12 billion, made up of $5.7 billion in cash and 10.1 million Intuit shares worth about $6.3 billion. Intuit chief executive Sasan Goodarzi said the combination would help small and mid-market businesses reach and keep customers.
Why it matters
It tied a widely used small-business email and marketing tool to a company that already held those businesses' accounting and payments data. It also gave a price for a mass-market marketing platform: about $12 billion.
What happened next
Mailchimp operates as part of Intuit; this site tracks it as a vendor profile.