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Square, the Dorsey payment and messaging firm founded with Jim McKelvey in 2009, has outperformed Twitter in many ways and has recently delivered consistent strong revenues. Square's stocks peaked last months at an all-time high of nearly $55, an astonishing 500 per cent up on the $9 initial public offering (IPO) of a few years ago.
While Twitter has been doing better lately - despite continuous review as one of the most important societal forums for disseminating all kinds of (mis)information - it is still not exactly turning off the football from the grounds. Square, on the other side, goes silently from power to power.
Square has strengthened its acquisition activities against this background, as it intends to continue to grow in line with its recent expansion. Square just grabbed San Francisco-based Weebly for a 365 million dollar transaction last night. Weebly could become a major channel for Square as a favourite website building and web-hosted service, not only to tap into Weebly's current subscriptions but also to distribute Square's own line of small business cards, applications and payment solutions.
It comes a week after Square's takeover of Zesty, or at least "certain assets" of Zesty, for an unrevealed amount. With Zesty, Square's Caviar, the grocery ordering system, will be enhanced with new functions for meal scheduling and order processing. Three-month ago, Square also purchased Fort Worth-based Entrees On-Trays, expanding the caviar arena with the addition of a dozen new restaurants.
Fewer than a fourth of the way to 2018, Square has already purchased more businesses than in any other year since its founding. In fact, Square only purchased one enterprise last year - the acquisition of OrderAhead to further strengthen its caviar franchise. Previously, Square had purchased two businesses per year from 2013 to 2016 and only one per year from 2011 to 2012.
Square's famous takeover, Weebly, is the number 14, but the speed at which Square buys businesses seems to be speeding up. Square's way of broadening its range of products through these takeovers is also remarkable, as it could not only provide value-added customer loyalty benefits to the company's current clients, but also raise the amount of revenue that Square can earn per customer.
However, when it comes to opening up new market places where several rivals could have a first or second movers edge, Square needs all the carpets and poles it can find. Much of Weebly's 625,000 paying subscription customers are located outside the US, giving Square a good chance to expand into the global marketplaces where it already does business - Canada, Japan, Australia and the UK - and help it gain a foothold in new emerging economies.
"Almost 40 per cent of Weebly's pay customers are outside the US, which will help speed Square's overall expansion," Square said today.