Email Software - Wednesday, February 13, 2008
Michael Dell Pays $150M For His Bro's Startup
At a time when Michael Dell has regained control over the helm at the firm he has founded, it seems dicey for him to close a deal that smells of nepotism. But Dell seems to taunt the critics with this one.
Dell says it will pay $155M in cash for MessageOne, which was co-founded by Michael Dell's brother. MessageOne is owned in part by two investment funds: Impact Venture Partners and Impact Entrepreneurs Fund. Michael Dell and his family are investors in the funds, which are managed by his brother, Adam Dell. Michael Dell will pocket about $12M from the deal while his brother Adam Dell will gain close to $1M and his parents will get close to half a million dollars. Michael Dell says he will donate his own profits from the deal to charity.
We could forgive the deal if MessageOne was part of the fix for Dell, but this is a joke. MessageOne is an email backup company that was founded a decade back by Adam Dell. There is nothing sexy or game-changing about the firm.
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