GoDaddy Inc., an Austin-based online marketing firm, dedicated to small, independent ventures, today announced 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 earn-outs.
GoDaddy is the largest internet domain registrar in the world, and hosts and builds websites for businesses. The Scottsdale, Ariz.,-based company has 17 million customers and over 6,000 employees worldwide.
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.
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.
“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,” said Lauren Antonoff, Senior Vice President of Presence and Commerce, GoDaddy. “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.”
“Main Street Hub and GoDaddy both share the same unrelenting passion for helping small businesses succeed,” said Matt Stuart, co-CEO and co-founder, Main Street Hub. “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 has raised more than $70 million in debt and equity from investors including Silicon Valley Bank and Vista Equity Partners.
GoDaddy said that acquiring Main Street Hub furthers its professional services strategy for small business owners who prefer to have dedicated experts build their online presence and manage it for them.
“Our customers don’t have the time or resources to be able to focus on this,” Stuart said in a Statesman interview in 2017. “It’s so critical to their businesses to communicate with customers and reach potential customers. We take this off their hands so they can focus on the things they love doing.”
Main Street Hub co-CEOs and co-founders Matt Stuart and Andrew Allisonwill join GoDaddy in leadership positions within GoDaddy’s Presence and Commerce business unit.
GoDaddy will maintain Main Street Hub’s offices in Austin, Texas.
Image Source: Built In Austin