Permira is taking Squarespace private in a $6.6 billion deal

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Website builder Square space is go private in an all-cash deal that values ​​the company on an equity basis at $6.6 billion, or an enterprise valuation of $6.9 billion.

The acquiring company is a British private equity firm Permirawhich only recently acquired a majority stake in Tel Aviv-based cybersecurity company BioCatch.

Founded in 2004 by CEO Anthony CasalenaSquarespace is best known for its no-code platform designed to help SMBs and freelancers build websites, blogs, and online stores. It includes customizable templates and a “what you see is what you get” (WYSIWYG) interface that users can configure by dragging and dropping various elements.

Shortly after raising $300 million in 2021 at a hefty $10 billion valuation, Squarespace announced its intention to go public on the New York Stock Exchange (NYSE), which would reach a peak valuation of $8 billion in mid-2021 are being reached. In the intervening months, the company’s valuation went into freefall, falling to a low of $2 billion in 2022 – but this year the stock hit its highest peak since late 2021, surging past the $5 billion mark. thanks to strong profit figures.

As part of its offer, Permira said it will offer Squarespace shareholders $44.00 per share, which represents a 29% premium to the 90-day average trading price and a 15% premium to Friday’s closing price (May 10, 2024 ).

In what is a huge vote of confidence in someone who took the company from a blog-hosting service to a multi-billion dollar company during college, Casalena will remain both CEO and chairman and remain “one of the biggest.” Squarespace shareholders after the acquisition.

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