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 on Monday.
The cash and stock deal, approved by regulation, would value Mailchimp at around $12 billion.
For Intuit, the deal is part of an effort to entice small and medium-sized businesses. The software giant hopes to combine Mailchimp’s digital marketing services with its QuickBooks tax program to create a one-stop shop for companies.
Intuit wants to address “businesses’ biggest barriers to growth, customer acquisition and retention,” Intuit chief executive Sasan Goodarzi said in a statement.
Atlanta-based Mailchimp, founded in 2001, is best known for its email marketing platform, which it heavily advertises on podcasts like “Serial.” Its platform has evolved to include marketing services and software to track customer engagement. It has about 13 million users globally and 800,000 paying customers, half of which are outside the US.
Last year, Intuit paid $7.1 billion for credit monitoring app Credit Karma, which had to sell its tax business in an attempt to win federal government approval.