Financial services provider Square has agreed to acquire Weebly, the San Francisco-based technology company that helps users build professional websites and storefronts, for approximately $365 million in cash and stock.
Weebly currently enjoys more than 625,000 paid subscribers and millions of customers. Under new ownership, Weebly users will have access to Square's ecosystem of managed payments, hardware and software. The acquisition will also help Square expand its international reach considering nearly 40 percent of Weebly's paid subscribers reside outside of the US.
Square was co-founded in 2009 by Jack Dorsey, the busy entrepreneur who happens to serve as the company's CEO. Dorsey, as you know, is also the co-founder and CEO of Twitter. In a statement regarding the acquisition, Dorsey said Square began its journey with in-person solutions while Weebly began its journey online. Since then, he added, they've both been building services to bridge these channels and he believes they can go even further and faster together.
Weebly got its start in 2006 courtesy of co-founders David Rusenko, Chris Fanini and Dan Veltri. Rusenko, who serves as CEO, has helped the company raise nearly $36 million in funding over the years according to TechCrunch.
Square said it expects the purchase to close sometime during the second quarter of 2018. In the meantime, the two companies will operate independently as usual.