This afternoon Intuit confirmed persistent rumors that it was in the process of buying Mailchimp, detailing a $12 billion transaction that will bring the well-known email infra company to its corporate remit.
Intuit is not a well-known player in the email marketing space. The company is instead best known for its TurboTax software (and associated lobbying of the U.S. government to ensure its rent-seeking can continue), its recent purchase of Credit Karma and its more dated acquisition of Mint.
The Mailchimp transaction will comprised both cash and stock.
The question rattling around your brain at the moment is the correct thing to ask: Why is Intuit spending 10% of its market