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Permira takes Squarespace private in $7bn deal
18 Oct 2024
Global investment firm Permira has finalised its acquisition of website building and hosting platform Squarespace in an all-cash transaction valued at approximately $7.2bn. The deal, which was initially announced to investors in May 2024, sees Squarespace transition from a publicly listed company on the New York Stock Exchange to a privately held entity. This move allows Squarespace increased flexibility and resources to further invest in its platform and expand its offerings to entrepreneurs and small businesses worldwide.
Squarespace was gaining market share after the recent Wordpress drama
This acquisition is now one of the largest all-cash private equity deals in the tech sector and the biggest signal yet of a growing trend of private equity firms investing in established technology companies with robust growth potential.
For Squarespace, this allows them to focus on long-term strategic goals without the pressures of public market expectations.
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"We are excited to embark on a new chapter with Permira, one focused on our long-term strategy and commitment to serving entrepreneurs globally,” said Anthony Casalena, founder and CEO of Squarespace in the joint statement.
“For more than 20 years we have provided customers with all the tools they need to stand out and succeed.”
“This commitment will remain the same as we continue to offer our customers more and more tools to grow their businesses online."
Leadership continuity
Casalena, who founded Squarespace in 2003, will retain his roles as CEO and board chairman.
He has also rolled over a substantial portion of his existing equity, in a show of continued commitment to the company's success.
Long-term investors Accel and General Atlantic also remain significant stakeholders.
"Now more than ever, Squarespace’s ecosystem – interwoven with Gen AI – plays a crucial role in empowering customers globally to bring their innovations to life," said David Erlong, partner at Permira.
Domain migration
If you own a Google Domain, earlier this year you would’ve been part of 10 million domains and millions of customers that were migrated to Squarespace.
This acquisition solidified Squarespace's position as a leading provider of website building and hosting services.
"Domains are a critical part of web infrastructure and an essential piece of every business’s online presence," said Casalena when the deal went through in June 2023.
"We look forward to serving these new customers as we have served millions using our domain products and are committed to ensuring a seamless transition.”
The migration of all Google Domains to Squarespace was successfully completed in July 2024, further expanding Squarespace's customer base, market reach and attractiveness to private equity.
Looking ahead
With the completion of the Permira acquisition and the successful integration of Google Domains, Squarespace is well-positioned for continued growth and innovation.
The company's commitment to empowering entrepreneurs and SMBs, coupled with its robust platform and expanding product suite, sets the stage for a promising future.
Although, private equity does have a track record of selling off companies like this for parts.
