Subj : One of the world's largest website builders is about to go privat
To   : All
From : TechnologyDaily
Date : Tue Sep 10 2024 11:15:05

One of the world's largest website builders is about to go private to compete 
better against Wix and GoDaddy

Date:
Tue, 10 Sep 2024 10:03:00 +0000

Description:
Permira has increased its offer from $6.9 billion to $7.2 billion in order to 
take Squarespace private and grow revenue more.

FULL STORY
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 Squarespace could be about to go private as a looming Permira deal could see 
the acquisition of the website builder platform become better aligned to take 
on industry giants GoDaddy and Wix . 

The British investment firm has agreed to increase its offer in a nod to its 
confidence in the company  the deal could be worth $7.2 billion. 

Permiras revised deal sees it offering $46.50 per share in cash to 
Squarespace stockholders, up from the $44 offered in May 2024, equating to a 
deal that would have been worth $6.9 billion. Squarespace offered $0.3 
billion in added valuation 

Permiras revised offer comes in response to advice taken by Squarespace 
investors not to accept the proposed deal. Proxy advisory firm Institutional 
Shareholder Services suggested the sale process would not offer the best 
value to shareholders in light of the companys strong performance. 

In its most recent quarter, Squarespace grew revenue by a staggering 20% to 
$296.8 million. Prior to that, quarterly growth stood at an equally strong 
19%. 

Michael Fleisher, Chairman of the Special Committee of the Squarespace Board 
of Directors, commented on the deal: "Our core focus has been maximizing 
value and certainty for the unaffiliated stockholders. This transaction is 
the result of a deliberate and thoughtful process and ultimately represents a 
great outcome that is in the best interest of Squarespace and all of its 
stockholders. 

Permira Partner David Erlong added: This best and final offer allows 
Squarespace stockholders to capture immediate and certain value for their 
investment. 

By going private as part of the deal, Squarespace hopes to access more 
resources and flexibility to enhance its portfolio, which could help continue 
its positive growth trajectory. More from TechRadar Pro Weve rounded up a 
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content on the worlds biggest website builder



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Link to news story:
https://www.techradar.com/pro/one-of-the-world-s-largest-website-builders-is-a
bout-to-go-private-to-compete-better-against-wix-and-godaddy


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