Parsons still CEO after Go Daddy sale

Elizabeth L. Driscoll, Vice President of Public Relations for The Go Daddy Group, Inc., reported to Historic City News a “strategic investment” focused on accelerating “international growth and platform expansion” at the well-known Internet service provider.

Driskoll said that yesterday, The Go Daddy Group, Inc., signed a definitive agreement to receive a strategic investment and enter into a partnership with KKR, Silver Lake and Technology Crossover Ventures. The company has not disclosed financial terms of the transaction.

Widespread news accounts, including a report over the Associated Press, are saying the company’s flamboyant and controversial founder and CEO, Bob Parsons, sold the company to a group of private investment firms for $2.25 billion; quoting an unnamed person “familiar with the transaction”.

Founded in 1997, Go Daddy is the world’s largest provider of Web hosting, domain names, new SSL Security Certificates, as well as cloud-based software and services. The company serves more than 9.3 million global customers and manages more than 48 million domain names. Go Daddy has locations in Arizona, Colorado, Iowa, Washington, D.C., Singapore, Toronto and The Netherlands, and is headquartered in Scottsdale, Arizona.

“I’ve always said we would make a move like this when the right deal, with the right partners, could help us do the right thing for our customers and our employees,” Parsons said. “This is it! We are partnering with KKR, Silver Lake and TCV because of their technology expertise, their understanding of Web based businesses and because their values align with ours. We believe, together, we will take the company to the next level, especially when it comes to accelerating international growth.”

Go Daddy is widely recognized for its industry leadership, and Parsons is planning to stay on.

Greg Mondre, Managing Director, of Silver Lake said: “Go Daddy is powerfully positioned for future growth as it continues to innovate and add to its truly unique platform of cloud-based software and services. At the same time, we plan to maintain and augment all of the attributes that have made Go Daddy a clear market leader today, including world class customer support and competitive pricing for its 9.3 million customers.”

“In Go Daddy, we are pleased to be partnering with a high-growth market leader and an outstanding team,” said Herald Chen, head of KKR’s software and Internet effort. “Building on Go Daddy’s exceptional customer service and loyal customer base, we believe there is significant opportunity to expand the current portfolio of products and services as well as accelerate growth internationally.”

Will Griffith, General Partner at TCV, which is also joining KKR and Silver Lake as an investor in Go Daddy, said: “For years, we have admired what Bob and the team have built with Go Daddy. We are excited to invest in the business and contribute to its continued success.”

Photo credits: © 2011 Historic City News archive photograph