The Knot Worldwide to acquire Zola in wedding platform union, sources say

NEW YORK, Oct 14 (Reuters) - The Knot Worldwide has agreed to acquire wedding platform Zola, expanding its collection of well-known wedding planning brands, according to sources familiar with the transaction. The Knot, a subsidiary owned by investment company Permira, assists couples in identifying local vendors and constructing customized wedding websites.

Zola offers comparable services, including wedding and registry websites, invitation design, and guest list management. Zola will maintain its identity as an independent brand under The Knot's global brand portfolio, according to the sources. The companies involved and Permira did not respond to requests for comment. The financial details of the deal have not been disclosed.

The Knot was established in the 1990s, and Permira has been an investor since 2018. Last year, Raina Moskowitz, a former Etsy executive, was brought in as CEO to restructure the business and introduce fresh AI tools amid rapid technological advancement. This year, The Knot launched an app within ChatGPT, positioning it as the initial of its kind in the wedding sector.

Zola was founded in 2013 and raised $100 million in a Series D financing round in 2018, with a reported valuation of approximately $600 million. This round was led by existing investor Comcast Ventures, with additional participation from NBCUniversal and Goldman Sachs Investment Partners. Zola's co-founders, Shan-Lyn Ma and Nobu Nakaguchi, retained substantial ownership stakes.

The deal is contingent on customary closing conditions, including any necessary regulatory approvals, the sources indicated.