Web site maker Squarespace recordsdata to go public on NYSE

Anthony Casalena, founder and CEO, Squarespace Supply: Squarespace Squarespace, which makes software program for folks to construct web sites, on Friday filed to go public on the New York Inventory Change below the image “SQSP.” The corporate is eschewing a standard preliminary public providing, the place it will concern new shares to institutional traders to


Anthony Casalena, founder and CEO, Squarespace

Supply: Squarespace

Squarespace, which makes software program for folks to construct web sites, on Friday filed to go public on the New York Inventory Change below the image “SQSP.”

The corporate is eschewing a standard preliminary public providing, the place it will concern new shares to institutional traders to boost new capital, and as a substitute utilizing a direct itemizing, the place it sells current shares on the general public market to let earlier traders and workers get liquidity. That mechanism has change into more and more well-liked, with tech corporations Slack, Spotify, Palantir, Roblox and Coinbase all selecting direct listings lately. Final month, Squarespace raised $300 million in funding.

The corporate reported $621.1 million in income in 2020, with income rising 28% yr over yr. Squarespace needs to develop its enterprise by enroll new clients and get current shoppers to make use of extra of its providers, together with instruments for promoting merchandise on-line.

Squarespace had greater than 3.6 million subscriptions on the finish of the yr, up about 23%.

Quite than going after large enterprises, Squarespace focuses on self-employed folks and small companies. New York-based cloud infrastructure supplier DigitalOcean additionally focuses on smaller entities for progress.

Competitors consists of Automattic, Wix, Weebly, in addition to area registration corporations resembling GoDaddy and e-commerce corporations resembling Shopify and BigCommerce.

Squarespace was based in 2003 and is predicated in New York, with 1,256 workers on the finish of 2020.

Anthony Casalena, Squarespace’s founder and CEO, will management a majority of Squarespace’s voting energy. Squarespace is promoting Class A shares of its inventory, every of which will get one vote, and Casalena owns the overwhelming majority of the corporate’s Class B shares, which get 10 votes every.

WATCH: Nasdaq president on Coinbase’s direct itemizing



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