From PC Mag: Twitter cofounder and CEO Jack Dorsey's other business – the mobile payments company Square – has announced plans to acquire fellow San Francisco-based firm Weebly for approximately $365 million in cash and stock.
Weebly, for the uninitiated, offers tools that make it easy to build websites, blogs, and online stores. In a news release, Square said the acquisition will allow it to offer businesses "one cohesive solution" to reach customers online, in person, and via apps.
"Square and Weebly share a passion for empowering and celebrating entrepreneurs," Dorsey said in a statement. "Square began its journey with in-person solutions while Weebly began its journey online. Since then, we've both been building services to bridge these channels, and we can go even further and faster together."
Weebly has more than 625,000 paid subscribers, nearly 40 percent of which are located outside the US, which Square said will help "accelerate [its] global expansion."
"Weebly has created technology that helps people bring their business idea to life online," its CEO David Rusenko said in a statement. "Now, we will be expanding that vision to help entrepreneurs succeed beyond their website."
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