Weebly, a US-based website creation platform backed by internet company Tencent, agreed yesterday to an acquisition by payment processing firm Square for approximately $365m.
Square will pay in a mix of cash and shares, including restricted stock units for Weebly’s founders and employees that will vest over four years following the deal’s close, expected to take place in the second quarter of 2018.
Founded in 2007, Weebly operates an online platform enabling users to build and host websites and e-commerce stores.
Square will integrate Weebly’s offering into its suite of products and will use the company’s international customer base to accelerate its overseas expansion.
Weebly most recently secured $35m in a series C round backed by Tencent and venture capital firm Sequoia Capital in 2014 that valued it at $455m.
Sequoia had previously supplied an undisclosed amount in series B funding for Weebly in 2011, after Baseline Ventures, Felicis Ventures and Maples Investments had injected $650,000 in series A capital in 2007.
Jack Dorsey, chief executive of Square, said: “Square and Weebly share a passion for empowering and celebrating entrepreneurs.
“Square began its journey with in-person solutions while Weebly began its journey online. Since then, we have both been building services to bridge these channels, and we can go even further and faster together.”