It’s been an unusually busy year so far for Squarespace Inc., a web technology and services provider to entrepreneurs.

Following a record 2023, when it surpassed $1 billion in revenue for the first time, the public company agreed in May to go private in a pending all-cash transaction valued at approximately $6.9 billion with private equity firm Permira.

Meanwhile, New York-based Squarespace’s financial numbers have continued to grow.

Squarespace bookings grow 25%

For the second quarter ended June 30, Squarespace said the total bookings for its subscription-based products grew 25% year over  year to $319.8 million, as net income surged 64.9% to $6.1 million and total revenue increased 20% to $296.8 million.

Because of the plan to go private, Squarespace said it canceled its Q2 earnings call and will not provide revenue guidance for the rest of the year.

Anthony Casalena, CEO, Squarespace Inc.

“We are thrilled to be partnering with Permira on this new leg of our journey, alongside our existing long-term investors General Atlantic and Accel,” Squarespace founder and CEO Anthony Casalena  said when the deal was announced in May. He added that Squarespace looks forward with its new equity partners to building on its two-decade history of helping client business “establish themselves online.”

Under terms of the deal, Casalena and his existing Squarespace leadership team will continue in their positions after the transaction closes as expected in the fourth quarter.

“Squarespace will become a privately held company with the flexibility and resources to invest in enabling entrepreneurs to build better online brands and more easily transact with their customers,” the company said. It added that long-term investors General Atlantic and Accel will “re-invest as part of the go-private agreement.”

Squarespace sells Tock to American Express

In June, Squarespace said it agreed to sell Tock, its online reservation and event management technology provider to American Express for $400 million.

Andrew Young, a partner at Permira, said “the Squarespace ecosystem provides SMBs with a broad offering — from demand generation to powerful payment solutions, all seamlessly interwoven with intuitive GenAI. We share Anthony and the team’s vision to further invest in these tools to help customers grow.”

Squarespace provides web technology and services for helping businesses plan, design and build websites under two categories:

⦁ Ecommerce operations, with Squarespace revenue reported under commerce-focused subscription plans.

⦁ Personal and general business operations, including communications and team collaboration, with Squarespace revenue reported under its “presence” subscription plans.

For the second quarter ended June 30, Squarespace reported:

⦁ Unique subscriptions increased 21% year over year to “over 5.2 million.”

⦁ Commerce category revenue increased 8% to $81.4 million.

⦁ Presence category revenue increased 25% to $215.4 million.

⦁ Adjusted EBITDA dipped 1.8% to $72.1 million.

For the six months ended June 30, Squarespace reported:

⦁ Revenue increased 19.3% year over year to $577.9 million.

⦁ Commerce category revenue increased 9.2% to $161.7 million.

⦁ Presence category revenue increased 23.7% to $416.3 million

⦁ Net income increased 50.8% to $6.3 million.

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].

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