Squarespace did not disclose the financial terms of the acquisition.

"We are exceptionally proud to be chosen to serve the customers of the Google Domains business. Domains are a critical part of web infrastructure and an essential piece of every business's online presence," said Anthony Casalena, founder and CEO of Squarespace.

Squarespace will honor all existing Google Domains customers' renewal prices for at least one year and provide incentives to encourage the customers to build websites with the Squarespace platform. 

The transaction is expected to close in the third quarter. Squarespace believes the deal will be meaningfully accretive to its business from both a revenue and free cash flow perspective. Management will discuss the details on a conference call at 5 p.m. ET. 

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Photo: courtesy of Squarespace.