Global SaaS platform Wix.com Ltd (NASDAQ:WIX) and legal, compliance, tax solution platform LegalZoom.com, Inc (NASDAQ:LZ) collaborated to help small business owners create, manage and grow an online presence.
What Happened? Wix.com and LegalZoom.com's upcoming integration will help entrepreneurs legally form their business in the U.S. and build their online presence together in one place. The financial terms of the deal were not disclosed.
The cross-platform product offering will be available in the second half of this year to users seeking to register their business in the U.S. The collaboration will enable entrepreneurs interacting on the Wix or LegalZoom platforms to benefit from customized recommendations and solutions.
Startups will be able to start their business and create an online presence seamlessly.
Businesses will have access to Wix's robust product offering. Based on their specific needs, Wix users will get relevant LegalZoom services, including new business formation, registered agent services, and trademark registration services.
Why Does It Matter? LegalZoom's robust legal and compliance solutions, combined with Wix's comprehensive online platform, will provide SMBs with the necessary tools to start, manage and grow their business.
Once available, business owners will gain access to LegalZoom's legal, tax, and compliance solutions and services and immediate access to a website built specifically for their business type at the time of formation.
The unique partnership removes the barrier of entry for startups, creates an online presence, and ultimately generates revenue.
Wix President and COO Nir Zohar said, "Massive partnerships like this one (and like the one we have with Vistaprint) are another type of growth initiative we as a company are pursuing. This opens a significant global opportunity for us and accelerates access to the Wix platform to hundreds of millions of businesses around the globe. Our partnership with LegalZoom is a great example of how we are collaborating with companies who share our mission to help entrepreneurs grow their business through any touchpoint of their business journey."
LegalZoom Chief Partnerships Officer Kathy Tsitovich said, "Our goal at LegalZoom is to support existing business owners as well as the next generation of entrepreneurs." "Having a simple way to build a beautiful website is almost universal for small business owners, and our integration with Wix in the U.S. provides a seamless way for our users to form their business and build their online presence."
Price Action: WIX shares traded lower by 0.03% at $76.09 in the premarket on the last check Wednesday.
