Addition of website-building company will
enable sellers to easily start or grow an omnichannel business with
one cohesive solution
Square, Inc. (NYSE: SQ) has entered into a definitive agreement
to acquire Weebly. Square will pay a mix of cash and stock of
approximately $365 million, which includes Square restricted stock
units for Weebly's founders and employees that will vest over four
years subsequent to closing. This consideration includes Weebly’s
estimated net cash. Weebly is a San Francisco–based technology
company that provides customers with tools to easily build a
professional website or online store.
Square and Weebly will give sellers one cohesive solution to
start or grow an omnichannel business. Today, it is important that
sellers can reach buyers as they move between channels (in person,
online, in apps) during discovery, purchase, and even returns and
exchanges. An integrated suite of services will make critical
business tasks like engaging with customers, managing orders,
growing sales, and making informed business decisions easier than
ever for sellers.
“Square and Weebly share a passion for empowering and
celebrating entrepreneurs,” said Jack Dorsey, CEO of Square.
“Square began its journey with in-person solutions while Weebly
began its journey online. Since then, we’ve both been building
services to bridge these channels, and we can go even further and
faster together.”
“Omnichannel commerce is our top focus area in 2018,” said
Alyssa Henry, Seller Lead at Square. “From managing orders,
appointments, and payments to building a website, running a
business is complex, and entrepreneurs around the world want
powerful and intuitive tools. Whether they’re an artist, a
winemaker, or a hairdresser, with Square and Weebly sellers will
have one cohesive solution to build their business.”
“Entrepreneurship gives an opportunity to people who were never
given one,” said David Rusenko, CEO of Weebly. “Weebly has created
technology that helps people bring their business idea to life
online. Now, we will be expanding that vision to help entrepreneurs
succeed beyond their website. I’m excited for Weebly to join Square
and help build the future of commerce together.”
Weebly will expand Square’s customer base globally and add a new
recurring revenue stream. Weebly has millions of customers and more
than 625,000 paid subscribers. Square will provide Weebly customers
with access to the company’s ecosystem of managed payments,
hardware, and software, which complement Weebly’s services, which
include free website hosting, premium (paid) website design and
hosting, online store, and marketing tools. Nearly 40% of Weebly’s
paid subscribers are outside the U.S., which will help accelerate
Square’s global expansion.
Square will continue to provide an open platform to offer
sellers the flexibility to select and integrate the third-party
solutions that are best for their business. Square offers more than
100 partner integrations across a range of third-party apps,
including points of sale, accounting software, and other
back-office systems.
The completion of this transaction is subject to customary
closing conditions including regulatory approvals. The parties
expect to close the transaction during the second quarter of 2018,
and until close the two companies will continue to operate
independently. Square was advised by Wilson Sonsini Goodrich &
Rosati and Weebly was advised by Cooley LLP and Qatalyst
Partners.
As a reminder, Square will release financial results for the
first quarter of 2018 on May 2, 2018, after market close.
About Square, Inc.
Square, Inc. (NYSE:SQ) creates tools that help sellers start,
run, and grow their businesses. Square enables sellers to accept
card payments and also provides reporting and analytics, next-day
settlement, and chargeback protection. Square’s point-of-sale
software and other business services help sellers manage inventory,
locations, and employees; access financing; engage customers; and
grow sales. The Cash App is an easy way for businesses and
individuals to send and receive money, and Caviar is a
food-ordering service for popular restaurants. Square was founded
in 2009 and is headquartered in San Francisco, with offices in the
United States, Canada, Japan, Australia, Ireland, and the UK.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding future product offerings of
Square, Inc. and its consolidated subsidiaries (the Company), the
proposed acquisition of Weebly, the Company’s plans, objectives,
expectation and intentions, anticipated customer benefits,
anticipated expansion of the Company’s customer base, expected new
recurring revenue stream, the Company’s expectations regarding the
provision of its products, product features and services, and
general business outlook. In some cases, forward-looking statements
can be identified by terms such as “may,” “will,” “appears,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“target,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential,” or “continue,” or the negative of these
words or other similar terms or expressions that concern our
expectations, strategy, plans, or intentions. Such statements are
subject to a number of known and unknown risks, uncertainties,
assumptions, and other factors that may cause the Company’s actual
results, performance or achievements to differ materially from
results expressed or implied in this press release. Investors are
cautioned not to place undue reliance on these statements. Actual
results could differ materially from those expressed or implied,
and reported results should not be considered as an indication of
future performance.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, the possibility
that the transaction will not close or that the closing may be
delayed; the Company may not be able to secure required regulatory
approvals or otherwise satisfy other closing conditions in a timely
manner, or at all; the proposed acquisition may not advance the
Company’s business strategy; the ability of the Company to retain
the customers and partners of Weebly; the ability of the Company to
integrate Weebly and realize the expected synergies of the
acquisitions in a timely manner, or at all; the ability of the
Company to realize the expected benefits from the acquisition in
the expected time period, or at all; disruptions from the
acquisition on the Company’s ongoing operations and diverting
management’s attention; the Company may incur significant
acquisition costs and transition costs; unknown, underestimated, or
undisclosed commitments or liabilities, including actual or
threatened litigation; and the possibility that the Company, Weebly
or the integrated business of the two companies may be adversely
affected by other political, business and economic conditions, as
well as other risks and uncertainties relating to the Company
listed or described from time to time in the Company’s filings with
the Securities and Exchange Commission (the SEC), including the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, which is on file with the SEC and available on
the investor relations page of the Company’s website. All
forward-looking statements are based on information and estimates
available to the Company at the time of this press release and are
not guarantees of future performance. Except as required by law,
the Company assumes no obligation to update any of the statements
in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180426006728/en/
Square, Inc.Media Contact:press@squareup.comInvestor Relations
Contact:ir@squareup.com
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