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Intuit will buy email marketing firm Mailchimp for $ 12 billion in cash and stock, the companies said on Monday.
Intuit, known for its financial services offerings such as TurboTax and Credit Karma, said it would use the acquisition to accelerate the growth of small business clients. This is the company’s biggest acquisition to date. Last year, the company bought Credit Karma for more than $ 8 billion.
MailChimp was launched in 2001 in Atlanta. Intuit shares were stable in after-hours trading after the announcement.