Intuit, the parent company of TurboTax and QuickBooks, will acquire Mailchimp, a company best known as a provider of email marketing services, the companies announced on Monday.
The cash-and-stock deal, which is subject to regulatory approvals, will value Mailchimp at about $12 billion.
For Intuit, the deal is part of an effort to entice small and medium 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 wants to solve “businesses’ biggest barriers to growth, getting and retaining customers,” Intuit’s chief executive, Sasan Goodarzi, said in a statement.
Atlanta-based Mailchimp, founded in 2001, is best known for its email marketing platform, which it has advertised in abundance on podcasts such as “Serial.” Its platform has grown to include marketing services and software for tracking customer engagement. It has about 13 million total users globally and 800,000 paid customers, half of which are outside the U.S.
Intuit last year paid $7.1 billion for the credit-monitoring app Credit Karma, which had to sell its tax business in an effort to win approval from the federal government.