Intuit adds $12bn Mailchimp to expand QBO platformby
Where does accounting software end and CRM begin? John Stokdyk wonders if the answer can be found in Intuit’s latest acquisition.
US business software giant and QuickBooks owner Intuit picked up a $12bn addition to its portfolio this week in the shape of the email software developer Mailchimp.
Founded in Atlanta, Georgia 20 years ago, Mailchimp rode the email marketing wave to establish a global user base of 13m. Around 800,000 of those users pay for enhanced services, with a 50:50 split between the US and the rest of the world.
Intuit has made regular acquisitions to bring new functionality into its orbit. This tradition goes back to 1993, when it acquired US tax software developer TurboTax for $225m. The cloud-based personal finance app Mint followed in 2009 for $170m and the timesheet app Tsheets for $340m in 2017.
Since taking over as CEO in 2019, Sasan Goodarzi raised the stakes with a $7bn deal for consumer lending platform Credit Karma in February 2020. At $12bn, Mailchimp tops that deal as the company’s biggest acquisition yet.
Business growth platform
Explaining his thinking on Intuit’s investor relations page, Goodarzi’s said Mailchimp fitted into his vision of QuickBooks not as an accounting app, but an end-to-end business platform: “Together, Mailchimp and QuickBooks will help solve small and mid-market businesses’ biggest barriers to growth, getting and retaining customers.”
As Mailchimp is integrated into the QuickBooks offering, that platform will be able to handle ecommerce, marketing/CRM, analytics, collections, payments, funding and compliance, the company said.
As Seth Feinberg noted on our US sister site AccountingWEB.com, what Intuit did not make clear was how Mailchimp would hook into QuickBooks Online Accountant (QBOA) client management features and the broader network of accounting ProAdvisors.
The MTD opportunity
In the UK at the moment, all roads lead to Making Tax Digital. With signals emerging from the US software giant that MTD ITSA functionality may be on the way for QBO, Mailchimp could play a helpful role in the client communication and deadline-chasing workload that will accompany the transition to the new income tax regime in 2023.
AccountingWEB has approached Intuit for clarification about both the Mailchimp acquisition and broader MTD strategy. We will pass on any further comments or information as soon as we hear back. In the meantime, let us know your explectations for the QBO platform by commenting below.
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AccountingWEB’s interim Editor in Chief has been with the site since 1999 and returned to the editorial hot seat in March 2020 to support the team through the pandemic. When not tending to the needs of AccountingWEB members and geeking out on their technology habits, he devotes much of his time to an oddball collection of stringed instruments...