Squarespace CEO Anthony Casalena.
Squarespace, which makes software program for individuals to construct web sites, on Friday filed to go public on the New York Inventory Alternate below the image “SQSP.”
The corporate is eschewing a conventional preliminary public providing, the place it might situation new shares to institutional buyers to lift new capital, and as a substitute utilizing a direct itemizing, the place it sells current shares on the general public market to let earlier buyers and workers get liquidity. That mechanism has grow to be more and more well-liked, with tech firms Slack, Spotify, Palantir, Roblox and Coinbase all selecting direct listings lately. Final month, Squarespace raised $300 million in funding.
The corporate reported $621.1 million in income in 2020, up 28% 12 months over 12 months. Squarespace needs to develop its enterprise by signing up new clients and get current shoppers to make use of extra of its companies, together with instruments for promoting merchandise on-line.
Squarespace had greater than 3.6 million subscriptions on the finish of the 12 months, up about 23%.
Reasonably than going after huge enterprises, Squarespace focuses on self-employed individuals and small companies. New York-based cloud infrastructure supplier DigitalOcean additionally focuses on smaller entities for development.
Squarespace was based in 2003 and relies in New York, with 1,256 workers on the finish of 2020.
Anthony Casalena, Squarespace’s founder and CEO, will management a majority of Squarespace’s voting energy. Squarespace is promoting Class A shares of its inventory, every of which will get one vote, and Casalena owns the overwhelming majority of the corporate’s Class B shares, which get 10 votes every.