Anthony Casalena, founder and CEO, Squarespace

Supply: Squarespace

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 could challenge new shares to institutional traders to lift new capital, and as a substitute utilizing a direct itemizing, the place it sells present shares on the general public market to let earlier traders and staff get liquidity. That mechanism has turn out to be more and more fashionable, 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, with income rising 28% yr over yr. Squarespace needs to develop its enterprise by enroll new clients and get present purchasers 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 yr, up about 23%.

Moderately than going after large enterprises, Squarespace focuses on self-employed individuals and small companies. New York-based cloud infrastructure supplier DigitalOcean additionally focuses on smaller entities for development.

Competitors consists of Automattic, Wix, Weebly, in addition to area registration firms resembling GoDaddy and e-commerce firms resembling Shopify and BigCommerce.

Squarespace was based in 2003 and is predicated in New York, with 1,256 staff 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.

WATCH: Nasdaq president on Coinbase’s direct itemizing

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