Shopify Snaps This Open Source Web Framework Developer for Undisclosed Terms – Shopify (NYSE:SHOP)

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  • Shopify Inc. STORE picked up Remixa startup developing an open-source web framework similar to Next.js.
  • The financial terms of the transaction remained undisclosed.
  • Remix CEO Michael Jackson says Remix will receive “long-term support and support” from Shopify that will allow it to “grow faster” and “increase its focus on performance and scalability.” .
  • Dion Almaer, vice president of engineering at Shopify, said buying Remix would benefit both Shopify developers and merchants by bringing improvements to Hydrogen.
  • Jackson, an ex-Twitter Inc. TWTR engineer and Ryan Florence co-founded Remix in 2020. The two worked together for years building open-source tools around React, a JavaScript library for building application user interfaces, before launching the eponymous Remix framework, TechCrunch . reports.
  • Prior to the Shopify acquisition, Remix had raised $3 million in seed capital from OSS Capital and angel investors Naval Ravikant, Ram Shriram and Sahil Lavingia.
  • Remix is ​​Shopify’s first acquisition since Deliverr, the fulfillment technology provider the e-commerce giant bought in May for $2.1 billion.
  • Earlier this year, Shopify picked up Dovetail, which helps brands manage influencer marketing campaigns. The company also recently invested in Single, a music and video app.
  • Shopify said third-quarter revenue rose 22% year-on-year to $1.4 billion, missing the consensus of $1.83 billion. The company reported an adjusted net loss of 2 cents per share, which beat the consensus for a loss of 10 cents per share.
  • Price Action: Shares of SHOP traded up 3.45% to $35.41 pre-market when last checked on Tuesday.
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