San Francisco-based Square, a fintech payment processing company founded by Twitter CEO Jack Dorsey, has announced that it has agreed to buy website development platform Weebly in a deal valued at $365mn.
The transaction will consist of a mixture of Square stock and cash, with Weebly’s network of 625,000 paid subscribers set to expand Square’s customer base and diversify its existing portfolio, moving more readily into omnichannel commerce – Square’s top focus area in 2018.
“From managing orders, appointments, and payments to building a website, running a business is complex, and entrepreneurs around the world want powerful and intuitive tools,” said Alyssa Henry, Seller Lead at Square. “Whether they’re an artist, a winemaker, or a hairdresser, with Square and Weebly sellers will have one cohesive solution to build their business.”
Upon completion, Square will provide Weebly customers with access to the company’s ecosystem of managed payments, hardware and software that will complement Weebly’s existing services.
“Square began its journey with in-person solutions while Weebly began its journey online,” said Jack Dorsey, CEO of Square. “Since then, we’ve both been building services to bridge these channels, and we can go even further and faster together.”
The merger is expected to close in Q2 2018.