Jacksonville-based Web.com has announced a deal to be acquired by an affiliate of Siris Capital Group, LLC for approximately $2 billion.
According to its 2016 annual report, Web.com has approximately 3.5 million customers. As of November 2017, Web.com had nearly 1,000 employees in Jacksonville and nearly 3,800 employees worldwide.
Related: List of Web.com locations
The terms of the buyout have been unanimously approved by Web.com’s board of directors.
The Siris affiliate will acquire all of Web.com’s outstanding common stock for $25 per share in cash.
The proposed transaction is expected to close in the fourth quarter of 2018. It still has to be approved by shareholders and go through "antitrust regulatory approvals, as necessary," according to Web.com.
“This transaction will provide shareholders with immediate and substantial cash value, while also providing us with a partner that shares in our commitment to customers and employees and can add strategic and operational value,” said David L. Brown, chairman, CEO and president of Web.com in a news release.
"We are excited to partner with Web.com as it embarks on this new chapter of growth and market leadership. As a private company, Web.com will be able to make strategic investments for sustainable and profitable growth, while remaining agile and focused on delivering best-in-class solutions to its customers,” said Frank Baker, co-founder of
Web.com got its start as Website Pros in 1997. In 2008 it acquired Atlanta’s Web.com and assumed the Atlanta company’s name.
The company is known for its sponsorship of the Web.com Tour, a PGA golf tour.
Web.com also operates Register.com and Network Solutions, which is best known in the internet community for its domain name registration services.
Web.com offers website hosting along with do-it-yourself website building, as well as website buildouts for companies.
Web.com’s Jacksonville campus is located at 12808 Gran Bay Parkway on the city’s Southside.
The company is building a new headquarters near the St. Johns Town Center at 5379 Gate Parkway.
Bill Bortzfield can be reached at bbortzfield@wjct.org, 904-358-6349 or on Twitter at @BortzInJax.
