Published On: Wed, Sep 15th, 2021

TurboTax Maker Intuit to Buy Mailchimp for About $12 Billion in a Data Play

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Intuit Inc., known for its small-business accounting and DIY tax-filing software, said on Monday it will acquire digital marketing company Mailchimp for about $12 billion in a cash-and-stock deal. The deal, expected to close by the second quarter of fiscal 2022, is Intuit’s biggest-ever acquisition. It will be financed through cash on hand and new debt of about $4.5 billion to $5.0 billion, Intuit said. Last year, the company bought personal finance portal Credit Karma for just over $7 billion. The deal for Atlanta-based Mailchimp, which operates a marketing platform for small- and mid-market businesses, will help Intuit add insights to its Quickbooks platform that tracks spending. “There is incredible power in combining the customer data and the purchase data, and we wanted to put the power of the data in our customers hands,” said Sasan Goodarzi, Chief Executive at Intuit. The deal comes at a time when fintech companies …

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