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Squares to buy Weebly for 365 million dollars
On Thursday Square proclaimed an arrangement to buy the website builder Weebly for 365 million dollars. According to the businesses, the Cash-and-Stock deals will enable small businesses to use both Weebly and Square to simply create Web sites and create on-line shops. Like Squarespace or Wordpress, Weebly is a website-building service supported by Sequoia, Tencent and Y Combinator, according to Crunchbase.
But Weebly also competed with Medium, which was founded by former Twitter CEO Evan Williams. Squares, run by Jack Dorsey, CEO of Twitter, is a finance technologies firm known for its homonymous payment device, usually used in small companies with an iPad to swipe debit card. Sequoia, which is also supported by Sequoia, had an amazing run on Wall Street this year, with equities up nearly 35 per cent since the beginning of the year.
Completion of the transaction is scheduled for the second trimester of 2018, and Weebly staff will receive Square stock, which will vest over the next four years. Squares said the transaction will bring returning revenues to Square's operations and support Square's global growth. Square's has recently quickly diversified it' s operations - last weeks there was the announcement of the takeover of Zesty, a start-up caterer.
Square's stock price increased by about half a per cent after the Weebly transaction was heralded in expanded trade.