Intuit, a company known for its small-business accounting and tax-filing software, will pay $12 billion in cash and stock to acquire Mailchimp. Last year, Intuit bought Credit Karma, a personal finance platform, for over $7 billion. But Mailchimp acquisition is Intuit’s largest-ever and is expected to finalize in the second quarter of fiscal 2022. It will finance with cash on hand and $4.5 billion to $5.0 billion in new debt.
The acquisition of Atlanta-based Mailchimp, which provides a marketing platform will allow Intuit to improve its QuickBooks spending tracking tool. The deal comes when financial companies like Intuit benefit from a business recovery following the pandemic. For the fiscal year 2022, Intuit expects earnings and revenue to be higher.
Table of Contents
Scott Cook and Tom Proulx founded Intuit in 1983, went public ten years later, and now employ over 10,000 people in 20 offices across nine countries. Intuit is a worldwide technological platform that assists customers and communities with their most essential financial issues. With TurboTax, QuickBooks, Mint, and Credit Karma, the company serves over 100 million customers globally.
Mailchimp, bought by Intuit, was started as an email marketing company in Atlanta in 2001. Since then, it has grown into a global leader in customer interaction and marketing automation, fueled by a robust, cutting-edge AI-driven technology stack. The business has been profitable without external funding and has over 12 million customers worldwide.
A comprehensive marketing platform for small and medium businesses. It is also one of the most suitable marketing platforms for almost any kind of business as Mailchimp pricing is reasonable. With world-class marketing technology, award-winning customer service, and engaging content, Mailchimp helps millions of customers establish and develop their businesses.
Mailchimp login places your audience at the center of your marketing. It allows you to promote your brand digitally across email, social media, landing pages, advertisements, and websites—all from one location. It is trusted by millions of businesses and individuals, from small businesses to corporations, to help them connect with their customers.
The company will remain based in Atlanta, Georgia, and operate under its current brand following the acquisition.
Read this also: Top 200+ QuickBooks Integration or Add-ons You Must Try
Mailchimp can take Intuit technology at scale forward with global customer reach. Also, Intuit Mailchimp will build an innovative end-to-end customer growth program for small and medium businesses. Enabling them to get their business online, market their company, and maintain customer relationships. As well as offer benefits like perspectives and analytics, access capital, and maximizing cash flow to stay organized and compliant while working with experts.
Sasan Goodarzi, the CEO of Intuit, says they are focusing on powering prosperity worldwide for customers and small businesses.
Collaborating Mailchimp and QuickBooks will help solve the most significant barriers to the growth and development of businesses. As businesses will be able to combine their customer data easily from Mailchimp and QuickBooks purchase data to gain the insights they need for growth.
Ben Chestnut, the CEO and the Co-founder of Mailchimp says that they have expanded and evolved Mailchimp’s platform to help millions of small businesses worldwide over the past two decades.
With Intuit, they have found a shared passion for empowering small businesses. Mailchimp aims to take its offerings to the next level and leverage Intuit’s AI-driven expert platform to produce even better products and services for small businesses. Besides, Intuit and Mailchimp have always tried to solve the problems of SMBs.
Even though two-thirds of small businesses struggle to attract new customers, and over 25% struggle to keep existing customers. And over three-quarters of small businesses have not implemented a customer relationship management solution.
84% of small firms balance their inventory across channels using pen and paper or spreadsheets. In comparison, 50% of small enterprises fail due to cash flow issues within the first five years.
These issues create barriers to small and medium business success, which Intuit’s acquisition of Mailchimp will help overcome.
According to experts from Intuit and Mailchimp, the acquisition will make it easier for users to plan advertising campaigns based on their integrated marketing and financial data.
The companies have already started integrating their platforms. However, the details of the combined offers will be released later, according to the executives.
Both companies are committed to keeping their platforms open, implying that integrations between different platforms should continue to exist. The transaction will probably finish by the end of January 2022.
Intuit has collaborated with Mailchimp to smoothly deliver an innovative, customer-oriented, and prone to growth business platform for the benefit of SMBs.
Mailchimp is a marketing platform, through which you can send campaigns related to your email marketing.
QuickBooks is one of the most widely used accounting software applications by SMBs to track their financial transactions....Read Article
Last Updated on November 9, 2022 by admin