Intuit, Turbo Tax parent, to buy Mailchimp for $12B deal
TurboTax maker’s cash-and-stock deal values email marketing startup at around $12 billion, sources say
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TurboTax maker Intuit Inc. announced deal to buy email-marketing pioneer Mailchimp for about $12 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTU | INTUIT INC. | 685.34 | -15.42 | -2.20% |
INTUIT IN TALKS TO BUY MAILCHIMP FOR OVER $10B: REPORT
The cash-and-stock deal is Intuit’s largest deal ever, positioning the company to offer more services to small businesses such as marketing and customer-relationship management.
Mailchimp, founded in 2001, is based in Atlanta and still founder-owned, according to its website. It began as a web-design agency and ran an email-marketing service on the side that later became its focus. Today it also provides other digital-ad services and CRM tools.
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Bloomberg reported last month that Intuit was in talks to buy Mailchimp.
In addition to TurboTax, the online software that millions of people use to file their taxes, Intuit’s offerings include the QuickBooks bookkeeping software used by businesses and Mint, an online-budgeting platform that also pitches financial products to individuals. Intuit’s has a market value of more than $150 billion.
The software maker has been pushing further into the finances of the individuals and businesses it serves by adding more offerings. The deal for Mailchimp surpasses Intuit’s roughly $7 billion acquisition last year of personal-finance portal Credit Karma Inc., the tech company’s largest deal ever at the time.
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Mountain View, Calif.-based Intuit was founded in 1983 and went public in 1993.
Write to Cara Lombardo at cara.lombardo@wsj.com and Miriam Gottfried at Miriam.Gottfried@wsj.com