Just ask the folks over at Main Street Hub, which sold Tuesday to GoDaddy for $125 million in cash plus up to $50 million more in future earnouts, according to a news release.
The transaction is expected to close by June pending regulatory approval and other requirements.
Matt Stuart and Andrew Allison, Stanford graduate students, moved Main Street Hub to Austin in 2011 after visiting the city during South by Southwest. The company now has more than 500 employees in Austin and New York.
Main Street Hub helps small businesses market themselves and interact with customers on popular social networks. The company has more than 10,000 small business customers.
Main Street Hub, which has raised $93 million of equity and debt financing according to Crunchbase, made the list of Silicon Hills News’ 20 hot Austin-based startups to watch in 2017. And its founder, Stuart, and Allison, are featured in the Silicon Hills News 2018 Austin Startup Calendar.
The acquisition of Main Street Hub, lets GoDaddy provide more professional services to small business owners and helps them to build their online presence, according to a news release.
“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,” Lauren Antonoff, Senior Vice President at GoDaddy, said in a news release. “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,” Stuart, co-CEO and co-founder, Main Street Hub, said in a news release. “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.”
Stuart and Allison will join GoDaddy in leadership positions and GoDaddy will mains Main Street Hub’s offices in Austin.