Intuit, the company that makes QuickBooks and TurboTax, is in talks to purchase MailChimp, the email marketing platform, in a deal that could be worth over $10 billion.
As Bloomberg News reported on Wednesday (Sept. 1), citing sources close to the matter, discussions on the purchase are ongoing and another buyer could still emerge.
If the deal does happen, it would see two popular small business tools united under one umbrella. The Atlanta-based Mailchimp’s services include social advertising, shoppable links and automation tools. Intuit’s QuickBooks provides accounting software, along with the CreditKarma service, which it acquired in 2020.
Read more: Intuit Closes $8.1B Deal for CreditKarma
Reports emerged last month that Mailchimp was exploring the idea of a sale, as well as looking into selling a minority stake. The company had garnered interest from private equity firms as well as tech companies.
Read more: Email Marketing Startup Mailchimp Eyes Sale
According to Bloomberg, if the purchase goes through, it will represent Intuit’s largest deal to date, surpassing the $8.1 billion the company paid for CreditKarma.
While TurboTax’s personal online tax tool is essentially a household name, most of Intuit’s business comes from its small business services. Bloomberg notes that the Mountain View, California company is hoping to capitalize on small business recovery, as many firms rebuilding after COVID-related disruptions are digitizing their finances for the first time.
Last month, Intuit announced it had integrated its CreditKarma Money program into QuickBooks’ online payroll service. The company said the move was designed to keep more money in the pockets of workers at small businesses who live paycheck to paycheck, allowing them to have money deposited into a CreditKarma Spend account.
“This initial integration with QuickBooks Online Payroll will enable CreditKarma to rapidly scale CreditKarma Money, the company’s biggest venture to date, while also giving employees paid through QuickBooks Payroll a better way to spend, save and manage their money,” the company said in a statement last month.