Founded in 2004, Squarespace has evolved from a simple blog-hosting service to a billion-dollar business under CEO Anthony Casalena, who will continue as CEO and board chairman.

The company recently surpassed $1 billion in annual revenue, driven partly by its investments in generative AI tools for enhancing web content and email campaigns. Casalena will remain a major shareholder post-acquisition.

The acquisition by Permira highlights a trend of significant private equity moves, including Thoma Bravo and Vista Equity’s recent acquisitions. Permira’s previous deals include partnerships and acquisitions in various tech sectors, emphasizing their strategic approach to investing in businesses with solid growth trajectories.

Squarespace’s comprehensive suite of services for SMBs has positioned it as an attractive investment for Permira.