Squarespaces founder Joe Gebbia is closing a deal to buy the company for $1.6 billion.

The deal, announced Friday, is the biggest acquisition of a new company in the company’s history.

Squarespaced is based in Seattle.

The deal includes a $2 billion cash payment, according to a statement from the company.

The company’s stock closed at $0.70 on Friday.

Gebbi said in a statement the deal is a result of a “powerful combination of strengths” that include the growth of its global presence and customer base, the expansion of the company into new markets and the growth in its value.

The transaction also includes a commitment to the long-term success of Squaresspace, which has been a part of Gebbianos life since the early days of the online platform.

He founded it in 1999 and the company has since grown into a global leader in cloud computing and mobile applications.

Gebbia previously had invested in other companies including Amazon.com Inc., Yelp Inc. and Reddit.com.

His portfolio includes companies that make a wide range of products including furniture, eyewear, apparel and home improvement products.

He founded the company in 2000 and raised about $1 billion in seed funding, which helped propel the company to a valuation of about $7 billion.

Its valuation was $6.2 billion at the end of 2015.