Alphabet Inc.‘s Google Sells Domain Business to Squarespace for $180 Million

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Alphabet Inc.‘s Google Sells Domain Business to Squarespace for $180 Million

By CircleID Reporter
June 16, 2023, 12:10 pm PDT Views: 7,352 Add Comment

Squarespace Inc., a design-driven platform for building online businesses, has entered into a definitive agreement to acquire the assets of Google Domains, a business owned by Alphabet Inc. The deal, valued at approximately $180 million, includes the transfer of around 10 million domains hosted on Google Domains, serving millions of customers.

As part of the agreement, Squarespace has committed to honoring the renewal prices of existing Google Domains customers for at least 12 months after the transaction’s closing. The company also plans to offer incentives to encourage these customers to build their websites using Squarespace and adopt other Squarespace offerings. During the migration period, Squarespace will leverage Google’s infrastructure to facilitate the smooth transfer of domains.

Upon completion of the deal, Squarespace will become the exclusive domain name provider for customers purchasing a domain alongside their Google Workspace subscription directly from Google for a minimum of three years. Additionally, Squarespace will provide billing and support services to Google Workspace customers who signed up for the service through Google Domains.

The transaction is expected to close in the third quarter of 2023, subject to regulatory approvals and customary closing conditions. Squarespace anticipates significant benefits from the deal, both in terms of revenue and free cash flow, starting in 2024 and beyond.

Squarespace management has scheduled a conference call on June 15th to discuss the transaction further.

By CircleID Reporter — CircleID’s internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us.
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