Intuit will buy Atlanta-based email marketing company Mailchimp for $12 billion in cash and stock, according to an announcement released today by both companies.

Intuit, which offers financial services including QuickBooks, TurboTax and Credit Karma, said it will use the acquisition to “become the center of small business growth” and “disrupt the small business mid-market.”

“Together, Mailchimp and QuickBooks will help solve small and mid-market businesses’ biggest barriers to growth, getting and retaining customers,” said Sasan Goodarzi, CEO of Intuit, said in a statement.  “Expanding our platform to be at the center of small and mid-market business growth helps them overcome their most important financial challenges. Adding Mailchimp furthers our vision to provide an end-to-end customer growth platform to help our customers grow and run their businesses, putting the power of data in their hands to thrive.”

Founded in Atlanta in 2001 and currently headquartered at Ponce City Market, Mailchimp announced last year that it would become an anchor-tenant at the new Fourth Ward mixed-use development under construction along the Atlanta BeltLine Eastside Trail.

“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,” said Ben Chestnut, CEO and Co-founder of Mailchimp, in a media statement. “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.”

Collin Kelley

Collin Kelley has been the editor of Atlanta Intown for two decades and has been a journalist and freelance writer for 35 years. He’s also an award-winning poet and novelist.