Permira, an investment firm, has finalised the acquisition of web platform Squarespace in a deal valued at approximately $7.2bn.
This all-cash transaction marks the end of Squarespace’s listing on the New York Stock Exchange.
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In May 2024, Squarespace had agreed to an all-cash transaction by Permira, which was initially valued at around $6.9bn.
Under the agreement, Squarespace shareholders were offered $44 per share, representing an equity value of more than $6.6bn and an enterprise value of approximately $6.9bn.
According to Reuters, Institutional Shareholder Services advised shareholders to reject that offer, arguing it did not maximise value.
In response, Permira increased its bid in September 2024, to $46.5 per share, which brought the valuation to about $7.2bn.
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By GlobalDataSquarespace, established in 2004 by Anthony Casalena, provides a no-code platform for small and medium-sized business owners and freelancers to create websites, blogs, and online stores.
Its product suite includes website building, domain services, ecommerce, marketing tools, scheduling with Acuity, and social media management with Bio Sites and Unfold.
Squarespace had filed to go public in 2021.
Casalena said: “We are excited to embark on a new chapter with Permira, one focused on our long-term strategy and commitment to serving entrepreneurs globally. 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. Permira joins our long-standing investors, Accel and General Atlantic, who remain meaningful investors and believe in a dynamic future for Squarespace.”
Permira partner David Erlong said: “We have long admired Squarespace for the deep, enduring relationships it has cultivated with SMBs and entrepreneurs who rely on its platform to build and scale their online presence. 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.
“We look forward to leveraging our decades-long experience and track record backing internet platforms and technologies that enable SMBs, as we support Anthony and his team in growing Squarespace and expanding its product suite through its next chapter of success.”
Permira’s previous technology investments encompass a variety of companies, including Adevinta, Boats Group, Carta, Housecall Pro, Klarna, LegalZoom, Magento, The Knot Worldwide, Zendesk, and others.
