mountain view, california. – intuit (nasdaq: intu), the global technology platform that makes turbotax, quickbooks, mint and credit karma, announced today that it has completed the acquisition of mailchimp, a world-class global marketing and customer engagement platform for growing small businesses. and medium-sized companies. middle market business. Together, Intuit and Mailchimp will work to fulfill the vision of an innovative, end-to-end customer growth platform for small and medium-sized businesses that enables them to bring their business online, market their business, manage customer relationships, benefit from of insights and analytics, get paid, access capital, pay employees, optimize cash flow, get organized and stay compliant, all supported by experts at your fingertips.
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“At intuit, we’re focused on driving prosperity around the world, and we’re thrilled that the addition of mailchimp allows us to help small and medium-sized businesses with one of their biggest challenges: reaching and retaining customers. said Sasan Goodarzi, CEO of Intuit. “We will extend our AI-powered expert platform by integrating Mailchimp and QuickBooks in intelligent ways that will help businesses, from startup to scale, grow and operate with confidence. I’m personally excited to officially welcome our new colleagues from Mailchimp to the intuit family.”
Reading: Intuit buying mailchimp
The combination of these trusted brands comes at a time when small and medium-sized businesses are working to recover from the impacts of the covid-19 pandemic. For two-thirds of small businesses, finding new customers is their biggest hurdle, and more than 25% struggle to retain existing customers. Despite this, nearly three-quarters of small businesses have not adopted a customer relationship management solution.
MailChimp’s integration into the QuickBooks platform will help address these issues, giving small and medium-sized businesses tools to fuel their success. Businesses 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 for use in customer segmentation and marketing . In the coming months, a key benefit of the acquisition will be deeper integration, enabling synchronization of customer purchase data between QuickBooks and Mailchimp and personalized recommendations to help small businesses optimize their marketing efforts.
“Bringing MailChimp and QuickBooks together will create a strong engine for success for small and medium-sized businesses,” said Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Freelancers group. “With Mailchimp and QuickBooks combined, our customers can leverage their purchase data to gain better insights into how and whom to approach so they can grow their business.”
“For the past 20 years, Mailchimp has been on a tremendous journey empowering small businesses to grow,” said ben chestnut, co-founder and CEO of mailchimp. “Joining Intuit is like a mid-air refueling that will allow us to accelerate our shared mission and help our customers thrive. I can’t wait to co-pilot this next leg of our journey.”
intuit has closed on the acquisition of mailchimp for consideration totaling 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 closing price of the $625.99 per share on October 29, 2021), and 573,000 restricted stock units to be valued based on the stock’s closing price on November 1, 2021. intuit will also award approximately $200 million of restricted stock units to mailchimp employees shortly after closing. More details of the transaction can be found in the company’s Form 8-K filed with the SEC today.
Intuit financed the cash consideration through cash on hand and a $4.7 billion term loan under a new credit agreement.
morgan stanley & co. llc served as financial advisor to intuit and latham & watkins llp acted as legal counsel to him. qatalyst partners served as exclusive financial advisor to mailchimp and king & spalding llp acted as legal counsel to him.
intuit is a global technology platform that helps our customers and communities overcome their biggest 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 and innovative ways to make it happen. Visit us for the latest information about Intuit, our products and services, and find us on social media.
mailchimp is an all-in-one marketing platform for growing businesses. mailchimp enables 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 center of your marketing, so you can digitally promote your business through 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 headquartered in Atlanta with offices in Brooklyn, Oakland, Vancouver, London and Santa Monica, Mailchimp has more than 1,200 employees. find mailchimp on social media.
cautions regarding forward-looking statements
This release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements and information generally relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or results of operations. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “anticipate”, “should”, “would”, “could”, “may”, “estimate”, “perspective” and analogous 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, but are not limited to, the following: Risks associated with tax liabilities or changes in US law. uu. Federal tax laws or interpretations to which the transaction with Mailchimp or the parties is subject; risks related to Mailchimp’s pre-purchase failure to comply with applicable regulatory requirements; failure to successfully integrate any new business; failure to realize the anticipated benefits of any combined operation; unforeseen costs of acquiring or integrating mailchimp; potential impact of the 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; possible government intrusion into our fiscal business; our ability to adapt to technological change; our ability to predict consumer behavior; our reliance on the intellectual property of third parties; our ability to protect our intellectual property rights; any damage to our reputation; risks associated with acquisition and divestiture activity; the issuance of equity or the issuance of debt to finance an acquisition; any cybersecurity incident that may affect us (including those affecting third parties we depend on); customer concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offers; our inability to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical business relationships with third parties; our ability to attract and retain talent; any deficiencies in the quality or accuracy of our products (including advice provided by experts on our platform); any delay in product launches; difficulties processing or filing customer tax returns; risks associated with international operations; changes in public policies, laws or regulations that affect our business; 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 when providing capital to companies; amortization of acquired intangible assets and impairment charges; our ability to pay or meet the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of the price of our shares; and our ability to successfully market our offerings. More details about these and other risks that may affect our business are included in our 10-k form for fiscal year 2021 and in our other filings with sec. you can find these reports through our website at http://investors.intuit.com. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date hereof. We undertake no obligation to update any forward-looking statements or other information in this communication, except as required by law.
published on November 1, 2021