Recently, Google has shut down some of its many products and services and the company is in the news again for exiting from the domain name registration business. Squarespace has announced that it has entered into an agreement with Google to acquire assets associated with Google Domains.
“We are excited to announce that Squarespace has entered into a definitive asset purchase agreement with Google, whereby Squarespace will acquire the assets associated with the Google Domains business, which will be winding down following a transition period. This purchase includes approximately 10 million domains hosted on Google Domains spread across millions of customers,” Squarespace said in a blog post.
Squarespace has said that the company, under the terms of the agreement, will honour existing customers’ renewal prices for at least 12 months following the completion of the transaction. In addition to this, the company will provide additional benefits to Google Domains users to encourage them to build a website with Squarespace and adopt its other offerings.
Squarespace will use Google Domains infrastructure during the migration period for the seamless transfer of domains.
“Under the terms of the agreement, Squarespace will honor all existing Google Domains customers’ renewal prices for at least 12 months following the closing of the transaction, as well as provide additional incentives to encourage Google Domains customers to build a website with Squarespace and adopt other Squarespace offerings,” Squarespace said.
After the completion of the deal, Squarespace will become the exclusive domain provider for people who want to buy a domain with their Google Workspace subscription directly from Google for a minimum of three years. Squarespace says it will provide billing and support for Google Workspace customers who already have domains from Google Domains.
The company didn’t specify what will happen as the subscription starts to renew but it says that the “customers will continue to have the option to make changes to their domains account at any time.”
The deal is expected to close in the third quarter of this year, subject to “certain regulatory approvals and customary closing conditions.” The company said that the majority of the benefits of the deal will be realised in 2024 but it believes that this deal will increase revenue and cash flow over time.
“While the majority of the benefits of this deal will be realized in 2024 and beyond, Squarespace believes this deal will be meaningfully accretive to its business from both a revenue and free cash flow perspective over time,” Squarespace adds.Get latest Tech and Auto news from Techlusive on our WhatsApp Channel, Facebook, X (Twitter), Instagram and YouTube.
Author Name | Om Gupta