Square, a fintech company, announced today that it’s buying website builder Weebly for $365 million, in a deal that includes a mix of cash and stock. According to Square, the intent behind the purchase is to merge Square’s hardware and software for payments with Weebly’s website hosting, design, and online stores to offer a single solution for starting and running businesses across physical and digital storefronts.
“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,” Square CEO Jack Dorsey said in a statement.
Square’s announcement notes that Weebly will help expand Square’s customer base — Weebly has over 625,000 paid customers, 40 percent of whom are located internationally — and provide the payments company with a new recurring revenue stream.
The deal is expected to close in the second quarter of 2018, subject to regulatory approval.
Source: theverge.com
