Square announced today that it is buying website developer Weebly for $ 365 million, in an agreement that includes a mix of cash and shares. According to Square, the intention behind the purchase is to merge Square's hardware and software for payments with Weebly's web hosting, design and online stores to offer a unique solution to start and manage businesses in physical and digital storefronts.
"Square began its journey with solutions in person, while Weebly began its journey online, and since then, we have both been building services to link these channels, and we can go even further and faster together," said the manager. General of Square, Jack Dorsey, in a statement.
Square's announcement states that Weebly will help expand Square's customer base – Weebly has more than 625,000 paid customers, 40 percent of whom are abroad – and provides the payment company with a new Recurrent income flow.
The agreement is expected to close in the second quarter of 2018, subject to regulatory approval.