Intuit just bought Mailchimp for $12 billion bananas, thanks to it’s AI-tech

I’ve used MailChimp for a long time and if you’ve listened to any tech-podcasts in the last few years, you’ll likely have heard ads for the service. The mass-mailing...

I’ve used MailChimp for a long time and if you’ve listened to any tech-podcasts in the last few years, you’ll likely have heard ads for the service. The mass-mailing service offers great templates to create newsletters for distribution lists and enables advanced options like A/B testing and analytics around open rates etc.

Overnight news broke that Mailchimp is being acquired by Intuit, the company that owns TurboTax, QuickBooks, Mint and Credit Karma. According to the pair, their product roadmaps align.

Mailchimp brings to Intuit technology at scale along with global customer reach. Mailchimp has clearly caught the eye of its acquirer, thanks to cutting-edge AI-technology. Mailchimp has amassed quite the audience:

  • Global customer reach with 13 million total users globally, 2.4 million monthly active users, and 800,000 paid customers; with 50 percent of customers outside of the U.S.
  • Data and technology in the form of 70 billion contacts, and 250+ rich partner integrations.
  • AI-powered automation at scale fuels 2.2 million daily AI-driven predictions.

The value of this acquisition is pretty incredible, with the planned acquisition of Mailchimp costing around $12 billion in cash and stock. To put that into perspective, Facebook acquired Instagram for $1 billion back in 2012.

“Over the past two decades, we’ve vastly expanded and evolved Mailchimp’s platform to help millions of small businesses around the world start and grow. With Intuit, we’ve found a shared passion for empowering small businesses.

By joining forces with Intuit, we’ll take our offerings to the next level, leveraging Intuit’s AI-driven expert platform to deliver even better products and services to small businesses. This is an exciting new chapter for Mailchimp, our 1,200+ dedicated employees, and customers.”

Ben Chestnut, CEO and Co-founder of Mailchimp.

If you’re an employee of Mailchimp currently, you’ll walk away from the transaction with a share of $200 million of restricted stock units, of which $140 million will be expensed over four years, and $60 million will be expensed over six months.

More information at Mailchimp.

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Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis. Disclaimer: Tesla Shareholder from 20/01/2021
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