Together Intuit and Mailchimp Will Provide
an AI-Driven, End-to-End Customer Growth Platform for Small and
Mid-Market Businesses
Intuit (Nasdaq: INTU), the global technology platform that makes
TurboTax, QuickBooks, Mint, and Credit Karma, today announced that
it has completed its acquisition of Mailchimp, a world-class,
global customer engagement and marketing platform for growing small
and mid-market businesses. Together, Intuit and Mailchimp will work
to deliver on the vision of an innovative, end-to-end customer
growth platform for small and mid-market businesses, allowing them
to get their business online, market their business, manage
customer relationships, benefit from insights and analytics, get
paid, access capital, pay employees, optimize cash flow, be
organized and stay compliant, all assisted by experts at their
fingertips.
“At Intuit, we’re focused on powering prosperity around the
world, and we’re thrilled that the addition of Mailchimp will allow
us to help small and mid-market businesses with one of their top
challenges -- reaching and retaining customers,” said Sasan
Goodarzi, CEO of Intuit. “We’ll expand our AI-driven expert
platform by integrating Mailchimp and QuickBooks in smart ways that
will help businesses from start-up to scale-up grow and run with
confidence. I’m personally excited to officially welcome our new
Mailchimp colleagues to the Intuit family.”
The combination of these trusted brands comes at a time when
small and mid-sized businesses are working to rebound from the
impacts of the COVID-19 pandemic. For two-thirds of small
businesses, finding new customers is their biggest obstacle, and
over 25% struggle to retain existing customers. Despite this,
almost three-quarters of small businesses have not adopted a
customer relationship management solution.
The integration of Mailchimp into the QuickBooks platform will
help address these issues, providing small and mid-market
businesses with tools to power their success. The companies began
testing a one-way integration between QuickBooks Online and
Mailchimp in July 2021, and since then QuickBooks customers have
imported more than 400,000 customer contacts into their Mailchimp
accounts to use for customer segmentation and marketing. In the
coming months, a key benefit of the acquisition will be a deeper
integration, enabling the syncing of customer purchase data between
QuickBooks and Mailchimp and tailored recommendations to help small
businesses optimize their marketing efforts.
“The combination of Mailchimp and QuickBooks together will
create a robust engine for small and mid-market success,” said Alex
Chriss, Executive Vice President and General Manager of Intuit’s
Small Business and Self-Employed Group. “With Mailchimp and
QuickBooks combined, our customers can leverage their purchase data
to glean better insights about how and who to market to so they can
grow their businesses.”
“Over the past 20 years, Mailchimp has been on a tremendous
journey empowering small businesses to grow," said Ben Chestnut,
Mailchimp co-founder and CEO. "Joining Intuit is like a mid-air
refueling that will allow us to accelerate our shared mission and
help our customers prosper. I can't wait to co-pilot this next leg
of our journey."
Transaction Details
Intuit has closed the acquisition of Mailchimp for total
consideration of approximately $5.7 billion in cash, 10.1 million
shares of Intuit common stock with a fair value of approximately
$6.3 billion (based on the October 29, 2021 closing stock price of
$625.99 per share), and 573,000 restricted stock units that will be
valued based on the November 1, 2021 closing stock price. Intuit
will also grant approximately $200 million of restricted stock
units to Mailchimp employees shortly after the closing. Further
transaction details can be found in the company’s Form 8-K filed
with the SEC today.
Intuit funded the cash consideration through cash on hand and a
$4.7 billion term loan under a new credit agreement.
Advisors
Morgan Stanley & Co. LLC served as Intuit’s financial
advisor, and Latham & Watkins LLP served as its legal advisor.
Qatalyst Partners served as Mailchimp’s exclusive financial advisor
and King & Spalding LLP served as its legal advisor.
About Intuit
Intuit is a global technology platform that helps our customers
and communities overcome their most important financial challenges.
Serving approximately 100 million customers worldwide with
TurboTax, QuickBooks, Mint and Credit Karma, we believe that
everyone should have the opportunity to prosper. We never stop
working to find new, innovative ways to make that possible. Please
visit us for the latest information about Intuit, our products and
services, and find us on social.
About Mailchimp
Mailchimp is an all-in-one marketing platform for growing
businesses. Mailchimp empowers millions of customers around the
world to start and grow their businesses with world-class marketing
technology, award-winning customer support, and inspiring content.
Mailchimp’s marketing platform puts your audience at the heart of
your marketing, so you can digitally promote your business across
email, social media, landing pages, ads, websites, and more—all
from one place. Millions of businesses and individuals—from
community organizations to Fortune 100 companies—trust Mailchimp to
help them connect with their audience with the right message, at
the right time, in the right place. Founded in 2001 and based in
Atlanta with offices in Brooklyn, Oakland, Vancouver, London, and
Santa Monica, Mailchimp has 1,200+ employees. Find Mailchimp on
social.
Cautions About Forward-looking Statements
This communication contains forward-looking statements within
the meaning of applicable securities laws. Forward-looking
statements and information usually relate to future events and
anticipated revenues, earnings, cash flows or other aspects of our
operations or operating results. Forward-looking statements are
often identified by the words “believe,” “expect,” “anticipate,”
“plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,”
“estimate,” “outlook” and similar expressions, including the
negative thereof. The absence of these words, however, does not
mean that the statements are not forward-looking.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our
actual results to differ materially from the expectations expressed
in the forward-looking statements. These factors include, without
limitation, the following: risks associated with tax liabilities or
changes in U.S. federal tax laws or interpretations to which the
transaction with Mailchimp or parties thereto are subject; risks
related to pre-acquisition non-compliance by Mailchimp with
applicable regulatory requirements; failure to successfully
integrate any new business; failure to realize anticipated benefits
of any combined operations; unanticipated costs of acquiring or
integrating Mailchimp; potential impact of announcement or
consummation of the acquisition on relationships with third
parties, including employees, customers, partners and competitors;
changes in legislation or government regulations affecting the
acquisition or the parties; economic, social or political
conditions that could adversely affect the acquisition or the
parties; our ability to compete successfully; potential
governmental encroachment in our tax businesses; our ability to
adapt to technological change; our ability to predict consumer
behavior; our reliance on third-party intellectual property; our
ability to protect our intellectual property rights; any harm to
our reputation; risks associated with acquisition and divestiture
activity; the issuance of equity or incurrence of debt to fund an
acquisition; any cybersecurity incidents that may affect us
(including those affecting the third parties we rely on); customer
concerns about privacy and cybersecurity incidents; fraudulent
activities by third parties using our offerings; our failure to
process transactions effectively; interruption or failure of our
information technology; our ability to maintain critical
third-party business relationships; our ability to attract and
retain talent; any deficiency in the quality or accuracy of our
products (including the advice given by experts on our platform);
any delays in product launches; difficulties in processing or
filing customer tax submissions; risks associated with
international operations; changes to public policy, laws or
regulations affecting our businesses; litigation in which we are
involved; the seasonal nature of our tax business; changes in tax
rates and tax reform legislation; global economic changes; exposure
to credit, counterparty or other risks in providing capital to
businesses; amortization of acquired intangible assets and
impairment charges; our ability to repay or otherwise comply with
the terms of our outstanding debt; our ability to repurchase shares
or distribute dividends; volatility of our stock price; and our
ability to successfully market our offerings. More details about
these and other risks that may impact our business are included in
our Form 10-K for fiscal 2021 and in our other SEC filings. You can
locate these reports through our website at
http://investors.intuit.com. We caution you not to place undue
reliance on any forward-looking statements, which speak only as of
the date hereof. We do not undertake any duty to update any
forward-looking statement or other information in this
communication, except to the extent required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211101005612/en/
Investors Kim Watkins Intuit Inc. 650-944-3324
kim_watkins@intuit.com
Media Jeff Davis Intuit Inc. 480-252-1665
jeff_davis@intuit.com
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Apr 2023 to Apr 2024