Mailchimp Sells for $12 Billion to Intuit, 2 Founders Become Billionaires with $5 Billion Each

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Mailchimp Sells for $12 Billion to Intuit, 2 Founders Become Billionaires with $5 Billion Each

17th September 2021 | Hong Kong

MailChimp, an email marketing service founded in 2001, has been sold to tax software company Intuit for $12 billion, with the 2 founders Ben Chestnut and Dan Kurzius becoming instant billionaires with $5 billion each.  Ben Chestnut and Dan Kurzius had met working at mp3radio.com, which folded subsequently.  Ben Chestnut then started a web design agency (Rocket Science Group), joined by Dan Kurzius and Mark Armstrong (tech developer).  In 2007, Ben Chestnut and Dan Kurzius decided to focus on the email marketing service (MailChimp) that has been growing since 2001.  In 2020, MailChimp generated around $800 million in revenue.  The $12 billion transaction will be in cash and stock and includes $500 million stock-based rewards. 

“ Mailchimp Sells for $12 Billion to Intuit, 2 Founders Become Billionaires with $5 Billion Each “

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MailChimp, No Investors and No Stock Options for Employees

MailChimp did not have any investors and have also not granted stock options to employees.  After the announcement, reports have surfaced from employees and former employees the founders have promised they will never sell the company, and one of the key reason some employees choose to stay committed at the firm.  MailChimp employees do not gain from the deal as the firm did not provide stock options to employees.  Since 2012, MailChimp had paid 25% of annual profits to employee retirement accounts since 2012.  

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