In big acquisition news, Intuit confirmed today that it was in the process of purchasing popular email marketing provider Mailchimp for $12 billion.
Big acquisitions have become part of the fabric of the tech world and this deal is no different. While the two companies seem to be at opposite ends of the business software spectrum, the deal could take both companies to the next level of the business growth market.
Intuit Acquires Mailchimp for $12 Billion
Intuit, most well-known for its QuickBooks and TurboTax platforms, announced in a press release today that the company would be acquiring Mailchimp, the popular email marketing provider, for $12 billion.
“By joining forces with Intuit, we’ll take our offerings to the next level, leveraging Intuit’s AI-driven expert platform to deliver even better products and services to small businesses,” said Ben Chestnut, CEO and Co-founder of Mailchimp.
With 13 million total users globally, 2.4 million monthly active users, and 800,000 paid customers, it's safe to say Mailchimp will bring some serious power to Intuit, but why is the accounting software powerhouse interested in email marketing?
Why is Inuit Acquiring Mailchimp?
You aren't the only person asking this question today. Intuit is a financial support business, focusing on accounting and tax software, whereas Mailchimp is an email marketing platform aimed at helping businesses reach new customers. What could they possible do to help each other?
“Adding Mailchimp furthers our vision to provide an end-to-end customer growth platform to help our customers grow and run their businesses, putting the power of data in their hands to thrive,” said said Sasan Goodarzi, CEO of Intuit.
In 2021, it's all about diversification. While these two companies may seem like polar opposites, the reality is that they both serve to help businesses of all sizes grow in one way or another. By combining efforts in accounting and marketing, Intuit and Mailchimp are positioning themselves to be an all-in-one hub for small to medium-sized businesses to improve their overall standing in the business world.
Plus, with two thirds of businesses stating that customer acquisition is their main problem and 50% of businesses failing in the first few years due to cash flow concerns, it's safe to say a dual platform handling marketing and accounting could be a huge boost for small businesses around the world.
Getting Started with Mailchimp and QuickBooks
We'll be the first ones to tell you that the value of business software like Mailchimp and QuickBooks is undeniable. These platforms are designed from the foundation to make life easier for business owners through organization and automation, and can make a huge impact on the productivity of your business.
If you're looking to test out these platforms for yourself, we wouldn't blame you! Fortunately, we've done a lot of research on email marketing platforms and accounting software, so you can get all the information you need before you make a decision.