{"id":33649,"date":"2021-09-15T16:52:16","date_gmt":"2021-09-15T20:52:16","guid":{"rendered":"https:\/\/mjtsai.com\/blog\/?p=33649"},"modified":"2021-11-12T12:04:23","modified_gmt":"2021-11-12T17:04:23","slug":"intuit-to-acquire-mailchimp","status":"publish","type":"post","link":"https:\/\/mjtsai.com\/blog\/2021\/09\/15\/intuit-to-acquire-mailchimp\/","title":{"rendered":"Intuit to Acquire Mailchimp"},"content":{"rendered":"<p><a href=\"https:\/\/www.investors.intuit.com\/news\/news-details\/2021\/Intuit-to-Acquire-Mailchimp\/default.aspx\">Intuit<\/a> (<a href=\"https:\/\/news.ycombinator.com\/item?id=28516219\">Hacker News<\/a>):<\/p>\n<blockquote cite=\"https:\/\/www.investors.intuit.com\/news\/news-details\/2021\/Intuit-to-Acquire-Mailchimp\/default.aspx\"><p>    The planned acquisition of Mailchimp for approximately $12 billion in cash and stock advances Intuit&rsquo;s mission of powering prosperity around the world, and its strategy to become an AI-driven expert platform. With the acquisition of Mailchimp, Intuit will accelerate two of its previously-shared <a href=\"https:\/\/www.intuit.com\/strategy\/#bigbet-4\">strategic Big Bets<\/a>: to become the center of small business growth; and to disrupt the small business mid-market.<\/p><p>[&#8230;]<\/p><p>Founded in Atlanta, GA in 2001, Mailchimp began by offering email marketing solutions, and evolved into a global leader in customer engagement and marketing automation fueled by a powerful, cutting-edge AI-driven technology stack.<\/p><\/blockquote>\n<p>Previously:<\/p>\n<ul>\n<li><a href=\"https:\/\/mjtsai.com\/blog\/2014\/09\/20\/whoosh-2-0\/\">Whoosh 2.0<\/a><\/li>\n<\/ul>\n\n<p id=\"intuit-to-acquire-mailchimp-update-2021-09-17\">Update (2021-09-17): <a href=\"https:\/\/www.businessinsider.com\/mailchimp-insiders-react-to-employees-getting-no-equity-2021-9\">Ben Bergman<\/a> (via <a href=\"https:\/\/news.ycombinator.com\/item?id=28561054\">Hacker News<\/a>):<\/p>\n<blockquote cite=\"https:\/\/www.businessinsider.com\/mailchimp-insiders-react-to-employees-getting-no-equity-2021-9\">\n<p>When employees were recruited to work at Mailchimp there was a common refrain from hiring managers: No, you are not going to get equity, but you will get to be part of a scrappy company that fights for the little guy and we will never be acquired or go public.<\/p>\n<p>The founders told anyone who would listen they would own Mailchimp until they died and bragged about turning down multiple offers.<\/p>\n<p>[&#8230;]<\/p>\n<p>Employees reacted with shock and anger over text, Slack, and Twitter to the deal. They described feelings of betrayal and a cash windfall that seemed to only benefit those at the very top of the 20-year-old company.<\/p>\n<\/blockquote>\n\n<p id=\"intuit-to-acquire-mailchimp-update-2021-11-12\">Update (2021-11-12): <a href=\"https:\/\/twitter.com\/thebenbergman\/status\/1453896947266297860\">Ben Bergman<\/a>:<\/p>\n<blockquote cite=\"https:\/\/twitter.com\/thebenbergman\/status\/1453896947266297860\">\n<p>Big update to my Mailchimp story:<\/p>\n<p>Employees got no equity but were promised transaction bonuses.<\/p>\n<p>Employees finally found out the amount today and were \"devastated\" by how paltry they were &mdash; in the tens of thousands of dollars for longtime workers.<\/p>\n<\/blockquote>\n\n<p><a href=\"https:\/\/twitter.com\/GergelyOrosz\/status\/1457446667523866637\">Gergely Orosz<\/a>:<\/p>\n<blockquote cite=\"https:\/\/twitter.com\/GergelyOrosz\/status\/1457446667523866637\">\n<p>How to mess up an acquisition: do what Intuit is doing with Mailchimp and their longtime employees.<\/p>\n<p>Given how it&rsquo;s M&amp;A 101 that you <em>do not<\/em> cut anyone&rsquo;s pay if you want to retain them, and given that Intuit has competent people, this points to this:<\/p>\n<p>Intuit never wanted to keep many of Mailchimp&rsquo;s employees. They wanted the customers and the cashflow Mailchimp brings.<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>Intuit (Hacker News): The planned acquisition of Mailchimp for approximately $12 billion in cash and stock advances Intuit&rsquo;s mission of powering prosperity around the world, and its strategy to become an AI-driven expert platform. With the acquisition of Mailchimp, Intuit will accelerate two of its previously-shared strategic Big Bets: to become the center of small [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2021-09-15T20:52:19Z","apple_news_api_id":"4c6ba0ba-5a0a-4c4d-a1fc-63779642da11","apple_news_api_modified_at":"2021-11-12T17:04:27Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAw==","apple_news_api_share_url":"https:\/\/apple.news\/ATGuguloKTE2h_GN3lkLaEQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[2],"tags":[66,1351,101,150,1315,1600,1172,96],"class_list":["post-33649","post","type-post","status-publish","format-standard","hentry","category-technology","tag-acquisition","tag-artificial-intelligence","tag-business","tag-email","tag-intuit","tag-mailchimp","tag-mailing-lists","tag-web"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts\/33649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/comments?post=33649"}],"version-history":[{"count":4,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts\/33649\/revisions"}],"predecessor-version":[{"id":34146,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts\/33649\/revisions\/34146"}],"wp:attachment":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/media?parent=33649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/categories?post=33649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/tags?post=33649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}