Square is set to acquire website developer Weebly in deal worth $365m

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fintech insurtech wealthtech regtech ai cybertech esg news

Payment processor Square is set to acquire Weebly, a website developer, in a deal worth around $365m.

The deal will be completed through a mix of cash and stock, including restricted stock units of Square for Weebly’s founders and employees. These shares will vest for over four years following the close of the transaction.

San Francisco-based Weebly provides businesses with tools to build their own websites and online stores. Users can build their stores from the bottom and integrating a selection of features including e-commerce services, a mobile app, photos, and blogging, among others.

Square is a payments processor that supports clients with accepting card payments as well as accessing reporting, analytics, next-day settlement and chargeback protection. Payments can be accepted through its physical card readers, digital processors, invoices or via the phone. Its POS software also manages inventory, locations and employees, customer engagement, and sales growth.

Together, the companies will give sellers a single solution to create an omnichannel business. Weebly will extend Square’s global customer base and recurring revenue stream with it currently having 625,000 paid subscribers.

Weebly’s customers will gain access to Square’s payments, hardware and software, which includes web hosting, website design, online store tools and marketing services.

Square seller lead Alyssa Henry said, “Omnichannel commerce is our 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. Whether they’re an artist, a winemaker, or a hairdresser, with Square and Weebly sellers will have one cohesive solution to build their business.”

Last year, the company formed a partnership with event e-commerce company Eventbrite alongside a $25m investment. As part of the deal, Square became Eventbrite’s payment processing partner for paid events, tickets, registrations, merchandise sales and donations, among others.

Copyright © 2018 FinTech Global

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