The $125 Million Cash Deal Will Help Go Daddy Offer Small Businesses A Boost In Social Media Engagement
GoDaddy Inc., the world’s largest cloud platform dedicated to small, independent ventures, announced that it has entered into a definitive agreement to acquire Main Street Hub for approximately $125 million in cash plus up to $50 million in potential future earnouts. The transaction has been approved by the GoDaddy board of directors and is expected to close late in the second quarter of 2018, subject to customary regulatory and other closing requirements. GoDaddy is not changing its previously issued 2018 guidance in connection with the announced acquisition of Main Street Hub.
Main Street Hub provides small businesses with a complete “do-it-for-me” service for managing engagement on the most popular social networks. Main Street Hub combines dedicated teams of branding experts – photographers, writers, designers, marketers – with proprietary technology to manage activity on Facebook, Instagram, Twitter, and Yelp, among others, to help small businesses acquire new customers and build stronger relationships with existing customers. Today, more than 10,000 small businesses rely on Main Street Hub to optimize their social media engagement.
The acquisition furthers GoDaddy’s professional services strategy for small business owners who prefer to have dedicated experts build their online presence and manage it for them to accelerate growth and achieve their goals. GoDaddy will offer customers a complete suite of “do-it-for-me” capabilities for building a powerful online presence that can be delivered by either GoDaddy small business experts or, for more advanced features and functionality, GoDaddy’s community of web professionals.
“GoDaddy’s 17 million small business customers come to us because they know their online presence can help them reach their customers and grow their businesses, but even with the right tools, customers struggle to find the time or know-how to effectively manage their social media presence. Joining forces with Main Street Hub better enables us to help our customers reach their goals while saving them time and offering peace of mind,” said Lauren Antonoff, Senior Vice President of Presence and Commerce, GoDaddy.
Matt Stuart, co-CEO and co-founder, Main Street Hub, added, “Main Street Hub and GoDaddy both share the same unrelenting passion for helping small businesses succeed. We complement each other strategically, culturally and across our products and services. We now have the scale and resources to help millions more business owners realize the value of having an optimized social media presence – our team can’t wait to get started.”
Main Street Hub co-CEOs and co-founders Matt Stuart and Andrew Allison will join GoDaddy in leadership positions within GoDaddy’s Presence and Commerce business unit.
GoDaddy will maintain Main Street Hub’s offices in Austin, Texas.