Square to buy website-building company Weebly for $365M
The deal is expected to accelerate Square's international expansion.
Square buys Weebly for $365 million.
Square said Thursday it has agreed to acquire website-building company Weebly for $365 million.
The cash-and-stock deal will allow small business customers to use both Weebly and Square to easily build professional websites and online stores, the companies said in a statement. The deal is expected to help Square accelerate its international expansion, as nearly 40 percent of its 625,000 paid subscribers are outside the US.
Founded in 2007, Weebly has raised $35.7 million in funding from Sequoia Capital, Tencent Holdings, Baseline Ventures, Floodgate, Felicis, Ron Conway and Y Combinator, according to CrunchBase.
Mobile-payments company Square, known for its white payment dongles typically used by small businesses with tablets to read credit cards, was also backed by Sequoia.
The merger is expected to close in the second quarter of 2018.