Financial technology company Square is to buy website solution provider
Weebly. Square, which has headquarters in San Francisco, California, United States, was established in 2009. With offices across the United States and in Ireland, the United Kingdom, Canada and Australia, the company specializes in managed payments and is run by Twitter’s CEO Jack Dorsey. Its solutions include hardware and software options that “help people participate and thrive in the economy”. These include chip cards, NFC payment solutions, and Square’s ‘Cash’ application that enables people to make instant payments to each other. Its acquisition of Weebly is reported to cost in the region of $365 million.
Weebly, which also has headquarters in San Francisco, California, United States, was established in 2006. The company is a globally recognized brand that brings ‘drag-and-drop’ website building capability to those with no technical knowledge or coding skills. It has 625,000 paid subscribers alongside a larger number of people who use a more standard offering of its site builder platform free of charge. Square’s payment capabilities will add to the ecommerce aspects of Weebly’s services. As around 40% of Weebly’s paid users are not in the United States, the acquisition will increase Square’s global footprint. Payment will be made on a ‘cash-and-stock’ basis and the acquisition will be completed in Q2 2018.
“Square and Weebly share a passion for empowering and celebrating entrepreneurs,” explained Mr. Dorsey. “Square began its journey with in-person solutions while Weebly began its journey online. Since then, we’ve both been building services to bridge these channels, and we can go even further and faster together.”
“Entrepreneurship gives an opportunity to people who were never given one,” added Weebly’s CEO David Rusenko. “Weebly has created technology that helps people bring their business idea to life online. Now, we will be expanding that vision to help entrepreneurs succeed beyond their website. I’m excited for Weebly to join Square and help build the future of commerce together.”
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