Squarespace announced it is going private in a $6.9 billion all-cash deal with private equity firm Permira.

Squarespace is a company specializing in helping individuals and small businesses easily build websites, without requiring technical expertise. The company went public in early 2021, but is now going private in an all-cash deal with Permira. Shareholders will receive $44.00 per share in cash, a 29% premium over the past 90-day average price of $34.09.

Anthony Casalena, founder and CEO, will remain one of the largest shareholders post-transaction and will remain CEO and Board Chairman. Permira says the existing leadership team will continue to lead the company after the deal is closed.

“Squarespace has been at the forefront of providing services to businesses looking to establish themselves online for more than two decades. We are excited to continue building on that foundation, and expanding our offerings, for years to come,” said Anthony Casalena, Founder and CEO of Squarespace. “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, who strongly believe in the future of Squarespace.”

“Squarespace has built a distinct and globally recognized creative brand and an incredible, design-driven platform of tools that empower entrepreneurs and small businesses to establish and scale their online presence,” said David Erlong, Partner at Permira. “As a firm with a long history of backing leading internet platforms and technologies that enable SMBs to compete globally, we are excited to partner with Anthony and his team to support the company in unlocking its full potential.”

Taking Squarespace private could give the company more latitude to innovate and take risks that a publicly traded company is not always free to do. Based on the company’s statements, it appears Permira is happy with Squarespace’s existing leadership and is not keen to rock the boat, something that should help make a smooth transition and reassure Squarespace customers.