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Squarespace set to acquire Google Domains in definitive asset purchase agreement
Google Domains
Squarespace Inc. has officially announced its plan to acquire the assets associated with the Google Domains business. The announcement comes as part of a definitive asset purchase agreement with Google, which plans to wind down Google Domains after the transition period.
The acquisition includes roughly 10 million domains hosted on Google Domains, spread across millions of customers. Squarespace CEO and founder, Anthony Casalena, expressed his pride in being selected to serve the customers of Google Domains, highlighting the importance of domains as a “critical part of web infrastructure and an essential piece of every business’s online presence”. He assured a commitment to a seamless transition and looking forward to serving the new customer base.
Matt Madrigal, Vice President and General Manager, Merchant Shopping of Google, stated that this move aligns with Google’s efforts to refine its focus. He stressed that the priority lies in ensuring a smooth transition for Google Domains customers, with assistance from the Google Domains team. According to Madrigal, Squarespace’s comprehensive suite of services for domain management and building an online presence makes it well-equipped to handle this transition.
The terms of the agreement dictate that Squarespace will honour the renewal prices for all existing Google Domains customers for at least 12 months post the transaction’s closing. Furthermore, Squarespace plans to offer additional incentives for Google Domains customers to encourage them to create websites with Squarespace and adopt other offerings.
Squarespace will utilise Google’s infrastructure, which currently powers the Google Domains product, during the migration period. This is intended to ensure a seamless transfer of domains.
Upon completion of the transaction, Squarespace, which has a long-standing history as a reseller of Google Workspace, will exclusively provide domains for any customer purchasing a domain alongside their Workspace subscription from Google. This exclusivity is expected to last for a minimum of three years. Squarespace will also provide billing and support services to Google Workspace customers who originally signed up for the service through Google Domains. Customers will retain the ability to modify their domains account as needed.
The deal, subject to regulatory approvals and customary closing conditions, is anticipated to close in the third quarter of 2023. The majority of the benefits of this deal are expected to be realised in 2024 and beyond. Squarespace believes this acquisition will significantly bolster its business, augmenting both revenue and free cash flow over time.
