this post was submitted on 13 May 2024
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Stockholders will receive $44.00 per share in cash, which represents a premium of 29% over the 90-day volume weighted average trading price of $34.09 Squarespace, Inc. (NYSE: SQSP ), the design-driven platform helping entrepreneurs build brands and businesses online, today announced that it has entered into a definitive agreement to go private by Permira, the global private equity firm, in an all-cash transaction valued at approximately $6.9 billion. Under the terms of the agreement, Squarespace stockholders will receive $44.00 per share in cash representing a transaction valued at over $6.6 billion on an equity value basis and approximately $6.9 billion on an enterprise value basis. The purchase price represents a premium of approximately 29% over Squarespace's 90-day volume weighted average trading price, and a premium of 15% over Squarespace's closing share price of $38.19 on the NYSE on May 10, 2024. Upon completion of the transaction, Squarespace will become a privately held

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[–] Bahnd@lemmy.world 63 points 6 months ago (5 children)

I dont know how to feel about this...

My domain got transfered to them from Google domains shutting down and now its being brought under a private equity umbrella... Something fucky.

[–] flumph@programming.dev 40 points 6 months ago (1 children)

I switched all my domains to Porkbun. No way I'm hanging out in Squarespace land.

[–] brbposting@sh.itjust.works 7 points 6 months ago

I like their “I don’t like your name“ page

[–] atocci@kbin.social 17 points 6 months ago

I switched to Cloudflare. Squarespace wasn't going to work for me.

[–] foggy@lemmy.world 15 points 6 months ago

Yeah the 1 2 punch reeks of sketchy business.

[–] aniki@lemm.ee 8 points 6 months ago (1 children)

I'd transfer if I were you. Pro-tip, never use the same company for hosting AND DNS. It gives one company way to much power.

[–] Bahnd@lemmy.world 4 points 6 months ago

Not worried about that, I self-host everything, its that Google domains were cheap, quiet, and handled the routing I needed, now... I dont know what to expect.

I'm with namecheap. Good enough for me.

[–] MysticKetchup@lemmy.world 28 points 6 months ago (2 children)

What's the benefit of going private for a company that's owned by private equity? Like from a regular standpoint, not being subjected to the constant growth demands of shareholders is good, but I wouldn't think private equity cares about that as long as they're making money

[–] Telodzrum@lemmy.world 59 points 6 months ago

not being subjected to the constant growth demands of shareholders is good

ohhhhhhhhhhhhh man

You don't even want to know about the growth demands in the PE space. You'll be begging for shareholder growth-curve demands in about zero seconds.

[–] foggy@lemmy.world 4 points 6 months ago (1 children)

Sometimes appeasing shareholders isn't good for business.

This would mean it is more likely that employees will see greater benefits. Certainly doesn't guarantee that, but without shareholders to appease, the workers have more leverage.

[–] fuzzzerd@programming.dev 15 points 6 months ago (1 children)

There are definitely still shareholders, they're just private.

[–] hightrix@lemmy.world 9 points 6 months ago

This is just the public warning to stop using square space. Once the PE vultures are in, the product will be made worse and more expensive until it shuts down for lack of “profitability”and growth.

[–] cmrn@lemmy.world 2 points 6 months ago

I want no part to do with them after they got all the Google domains—they’re not a company I would have willingly supported before, so I’m not about to now that I’ve been forced into it.