Intuit is acquiring Mailchimp for approximately $12 billion. The transaction is expected to close prior to the end of Intuit’s second quarter fiscal 2022, subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions, Intuit said in a statement.

With the acquisition of Mailchimp, it will accelerate two of its strategic Big Bets: to become the center of small business growth; and to disrupt the small business mid-market, according to Intuit.

Mailchimp has 13 million total users globally, 2.4 million monthly active users, and 800,000 paid customers; with 50 percent of customers outside US, according to Intuit.

Morgan Stanley is serving as Intuit’s financial advisor and Latham & Watkins is serving as its legal advisor. Qatalyst Partners is serving as Mailchimp’s financial advisor and King & Spalding is its legal advisor.

[Image courtesy: MailChimp]