Business

Intuit to buy Mailchimp for around $12 billion

TurboTax maker Intuit Inc. agreed to purchase email-marketing pioneer Mailchimp for about $12 billion, in a transfer aimed toward capitalizing on the expansion of small and midsize companies.

The cash-and-stock deal for carefully held Mailchimp could be Intuit’s
INTU,
-1.76%

largest deal ever and set it as much as supply extra companies to small companies similar to advertising and marketing and customer-relationship administration.

Mailchimp, established in 2001, relies in Atlanta and remains to be owned by founders Ben Chestnut and Dan Kurzius, in accordance with its web site. The corporate, which hasn’t taken any exterior funding, started as a web-design company and ran an email-marketing service on the facet that later grew to become its focus. In the present day it additionally affords different digital-ad companies and customer-relationship- administration instruments.

Already widespread amongst small companies, Mailchimp grew to become one thing of a family identify in 2014, when it marketed on the primary season of the hit podcast “Serial.” The corporate now serves 2.4 million month-to-month lively customers, together with 800,000 paying prospects. Half of its prospects are exterior the U.S. It had about $800 million in annual income final yr, a 20% rise from the yr earlier.

An expanded version of this report appears on WSJ.com.

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https://www.marketwatch.com/story/intuit-near-deal-to-buy-mailchimp-for-around-12-billion-11631565311?rss=1&siteid=rss | Intuit to purchase Mailchimp for round $12 billion

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