Payment company Square are set to acquire website builder platform Weebly for USD 365 million. With this acquisition, Square aims to provide customers a more holistic suite of services in order to add more revenue streams.
Square say that they were looking to provide a wider breadth of services to their small and medium business clients. They also say that they wanted to provide a service that helps individuals sell products and services online.
While examining their options, Square say that Weebly’s growth and progress in the website space impressed them. They say that acquiring a website building platform that facilitates easy buying and selling of products online suited them best.
Speaking about the deal, Jack Dorsey, CEO of Square, commented:
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.
According to Square, Weebly has been seen as a close competitor to market leader WordPress and are excited to join the race to catapult the progress of Weebly. They also claim that with this acquisition they will add more than 625,000 paid subscribers to their customer base.
In closing, the payment company said that the deal is expected to close by the end of the quarter.