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Permira to Acquire Squarespace in $6.9 Billion All-Cash Transaction

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business . 
Private equity firm Permira has announced its acquisition of website building and hosting company Squarespace in a $6.9 billion all-cash deal. The acquisition is set to take Squarespace private, with Permira offering $44.00 per share, representing a 29% premium over the 90-day average and a 15% premium over the closing price on May 10, 2024.
 
Squarespace, founded in 2004 by CEO Anthony Casalena, is best known for its no-code platform that enables small and medium-sized enterprises (SMEs) and freelancers to build websites, blogs, and online stores using customizable templates and a user-friendly interface. The company went public on the New York Stock Exchange (NYSE) in 2021 after raising $300 million at a $10 billion valuation. However, its stock performance has been volatile, reaching a market cap high of $8 billion in mid-2021 before dropping to a low of $2 billion in 2022. Permira's acquisition of Squarespace represents a significant investment in the no-code platform sector, which has seen growing demand as businesses increasingly seek user-friendly tools to establish and manage their online presence. As part of the deal, Squarespace will become a privately held company, allowing it to focus on long-term growth and innovation with the backing of Permira's financial and strategic resources.
 
Anthony Casalena, the founder and CEO of Squarespace, has played a pivotal role in the company's evolution and success. Under his leadership, Squarespace has transformed from a simple blog-hosting service, which Casalena started in his University of Maryland dorm room in 2003, to a billion-dollar business. Casalena's commitment to Squarespace has been unwavering, as he remained the company's sole employee until 2006 and grew the team to 550 employees by 2015. His strategic vision and ability to adapt to changing market demands, such as adding e-commerce tools and replacing the coding backend with drag-and-drop features, have been instrumental in Squarespace's growth.
 
Following Squarespace's recent $6.9 billion all-cash deal with Permira, Casalena will continue to lead the company as CEO and board chairman. As a major shareholder, he remains invested in Squarespace's future success, which includes recent investments in generative AI tools to enhance web content and email campaigns. With Casalena's continued leadership and Squarespace's ongoing innovation, the company is poised to maintain its position as a leading player in the web hosting and design industry. The acquisition of Squarespace by Permira is part of a larger trend of significant private equity moves, which includes recent acquisitions by firms such as Thoma Bravo and Vista Equity. This trend highlights the increasing interest of private equity firms in investing in companies with strong growth potential and demonstrated success in their respective markets.
 
Permira, in particular, has a history of strategic investments and partnerships in various tech sectors. By targeting businesses with solid growth trajectories, the firm aims to support their ongoing development and expansion, while also maximizing returns for investors. Squarespace's comprehensive suite of services for small and medium-sized businesses has positioned it as an attractive investment opportunity for Permira. With its user-friendly website building and hosting platform, Squarespace has carved out a significant niche in the market and has demonstrated consistent growth over the years. As private equity firms continue to seek out promising investment opportunities in the technology sector, we can expect to see more high-profile acquisitions and partnerships in the future. These deals will not only provide businesses with the financial backing and resources they need to expand but will also help to drive innovation and growth in the wider tech industry.

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