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American Express (NYSE: AXP) announced the acquisition of Tock, a reservation and event management technology provider, from Squarespace (NYSE: SQSP), and Rooam, a mobile payments and ordering technology company. These acquisitions aim to enhance Amex's dining platform, expanding its suite of digital tools for restaurants and merchants. With Tock's network of 7,000 restaurants and Rooam's integration capabilities, Amex will offer more personalized hospitality, pre-paid experiences, and convenient payment methods. Amex will acquire Tock for $400M, while the financial details for Rooam remain undisclosed. These deals are part of Amex's strategy to support the growth of the dining and entertainment industries.
Bleichmar Fonti & Auld LLP (BFA) has initiated an investigation into the acquisition of Squarespace (NYSE: SQSP) by Permira, a global private equity firm. The deal, announced on May 13, 2024, involves an all-cash transaction valued at approximately $6.9 billion.
Under the agreement, Squarespace stockholders will receive $44.00 per share in cash. BFA believes that the board of directors of Squarespace may have conflicts of interest and that the process was unfair, potentially resulting in an inadequate payout to shareholders.
Shareholders are encouraged to seek additional information and understand their legal options by visiting BFA’s website or contacting them directly.
Squarespace, Inc. (SQSP) has agreed to a $6.9 billion all-cash transaction with Permira to go private. Stockholders will receive $44.00 per share, a 29% premium over the 90-day average trading price. Anthony Casalena will continue as CEO, with long-term investors joining the agreement.
Squarespace, Inc. (NYSE: SQSP) announced its Q1 2024 financial results, revealing a 19% revenue increase, with FY24 revenue guidance raised to 19%. The company experienced growth in total revenue, presence revenue, and commerce revenue, with improvements in net income and operating cash flow. Squarespace also saw an increase in unique subscriptions and average revenue per unique subscription, as well as positive adjusted EBITDA and unlevered free cash flow. The company provided positive outlook and guidance for Q2 and FY24, showing a strong performance and potential for future growth.
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