Intuit, a technology platform that makes TurboTax, QuickBooks, Mint and Credit Karma, has announced that it has agreed to acquire Mailchimp for $12 billion. Mailchimp provides a customer engagement and marketing software platform.
According to reports, this the largest acquisition of a private bootstrapped company and one of the largest acquisitions of a SaaS company to date. Further, Mailchimp appears to cash out in the largest acquisition of a standalone marketing software provider. Of course, analysts will have varying definitions of standalone marketing software provider.
Either way, company officials said the acquisition will allow Intuit to continue to build out a customer growth platform for small and mid-market businesses, allowing them to manage customer relationships. Users will be able to combine their customer data from Mailchimp and QuickBooks’ purchase data to get actionable insights.
Mailchimp, founded in Atlanta in 2001 and now with 1,200-plus employees, began by offering email marketing solutions and evolved into a customer engagement and marketing automation provider fueled by an AI-driven technology stack.
The transaction is expected to close prior to the end of Intuit’s second quarter fiscal 2022, subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions.
🔥Insane success story: @Mailchimp acquired for $12B by @Intuit— Nathan Benaich (@nathanbenaich) September 13, 2021
🤩 800k customers and 13M users
🙇Largest sale of a private software co in history and 3rd third largest sale of a SaaS co in history
💰The business, run from Atlanta, never raised money
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