A binding deal has been reached for the purchase of the assets of Google Domains, a company controlled by Alphabet Inc., by Squarespace Inc., a platform for creating online companies that emphasizes design. Around 10 million names held on Google names that serve millions of customers will be transferred as part of the $180 million deal.
For a minimum of 12 months following the closure of the purchase, Squarespace has agreed to honor the renewal costs of current Google Domains customers. Additionally, the business intends to provide incentives to entice these clients to use Squarespace to create their websites and utilize other Squarespace services. Squarespace will make use of Google’s infrastructure during the migration time to ensure a seamless transfer of domains.
As soon as the agreement is finalized, Squarespace will replace Google as the sole domain name supplier for clients purchasing a domain name together with their Google Workspace subscription for a minimum of three years. Customers of Google Workspace who signed up for the service through Google Domains will also receive payment and support services from Squarespace.
In the third quarter of 2023, the acquisition is anticipated to close, pending regulatory clearances and usual closing conditions. Squarespace expects the transaction to have a significant impact on its revenue and free cash flow beginning in 2024 and continuing into the future.
On June 15th, Squarespace management set a conference call to go over the deal in more detail.
