The broader picture: Intuit may be trying to diversify and stabilize its portfolio with Mailchimp. TurboTax and, to a lesser extent, QuickBooks are seasonal products with high usage during tax season. Intuit’s other products might benefit from a successful e-mail marketing business and the technology that underpins it.
Mailchimp is an all-in-one marketing platform for managing and communicating with clients, consumers, and other interested parties. Healthy contact management techniques, elegantly designed campaigns, and effective data analysis are at the heart of our marketing strategy.
Intuit Inc., the maker of TurboTax, is allegedly in talks to buy Mailchimp. It is an e-mail marketing firm, for more than $10 billion. The conversations are still underway. According to sources familiar with the situation, no decisions have been taken, and that everything could yet fall apart. If it goes through, though, it will be Intuit’s largest acquisition to date.
As you may be aware, Intuit also owns QuickBooks. It has just added Credit Karma and the personal financial app Mint to its portfolio. Intuit paid $170 million for Mint in 2009 but had to pay $7.1 billion for Credit Karma last year in cash and shares.
Launch of Mailchimp:
Mark Armstrong and Ben Chestnut launched Mailchimp in 2001, and it has since grown to become one of the major email marketing companies.
Even if the agreement with Intuit goes through, other buyers are allegedly interested. Last month, Bloomberg reported that Mailchimp was considering a sale and that it was even considering selling minority ownership in the company.
Bloomberg adds that Intuit is hoping to profit from the rebound. It is taking place as small company clients get back on track following the pandemic’s setbacks.
