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TurboTax and QuickBooks parent company Intuit will acquire Mailchimp, known as a provider of email marketing services.
Subject to regulatory approvals, the cash and stock deal will be worth approximately $12 billion to Mailchimp.
For Intuit, the deal is part of an effort to attract small and medium-sized businesses. The software giant hopes to combine Mailchimp’s digital marketing services with its tax program QuickBooks to create a one-stop shop for companies.
Intuit’s CEO, Sasan Goodarzi, said in a statement that Intuit wants to address “businesses’ biggest barriers to growth, customer acquisition and retention.”
Founded in 2001, Atlanta-based Mailchimp is best known for its advertised email marketing platform. On podcasts like “Series” Its platform has grown to include marketing services and software for tracking customer engagement. It has approximately 13 million total users worldwide and 800,000 paying customers, half of which are outside the US.
Intuit last year paid $7.1 billion for Credit Karma, the credit monitoring app sell your tax business to obtain the approval of the federal government.
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