Shares of Square rose about half a percent after the Weebly deal was announced in extended trading. Square's rapidly diversified its business recently - last week, it announced the acquisition of Zesty, a corporate catering start-up. Square said the deal will add recurring revenue to Square's business and help its international expansion. The merger is expected to close in the second quarter of 2018, and Weebly employees will get Square stock that vests over the next four years. The company, also backed by Sequoia, has had an impressive run on Wall Street this year, with shares rising nearly 35 percent year-to-date. Square, run by current Twitter CEO Jack Dorsey, is a financial technology company that's best known for its eponymous square white payments devices, typically used at small businesses with iPads to read credit cards. Weebly also competes with Medium, created by former Twitter CEO Evan Williams.

Weebly is a website-building service, similar to Squarespace or Wordpress, and was backed by Sequoia, Tencent and Y Combinator, according to Crunchbase.

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