GoDaddy announced it is acquiring Main Street Hub for approximately $125 million in cash plus up to $50 million in potential future earnouts.
The transaction is expected to close late in the second quarter of 2018, the company said.
Main Street Hub helps small businesses manage their social media networks like Facebook, Instagram, Twitter, and Yelp, among others. More than 10,000 small businesses rely on Main Street Hub to optimize their social media engagement, the company claims.
The acquisition will complement GoDaddy’s professional services strategy that helps small business owners build their online presence and manage it for them to accelerate growth and achieve their goals.
With this, GoDaddy aims to further up the ante of its service capabilities by delivering a complete suite of “do-it-for-me” capabilities for businesses through GoDaddy small business experts or, for more advanced features and functionality, GoDaddy’s community of web professionals.
The deal marks another milestone for GoDaddy that claims around 17 million small business customers through its domain business. By helping its clients enhance their marketing activities, GoDaddy will gain a competitive advantage over other key players in the market.
Following this deal, 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.
Stuart added, “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.”
Image courtesy: Main Street Hub