- Shopify Inc SHOP scooped Remix, a startup developing an open-source web framework similar to Next.js.
- The financial terms of the transaction remained undisclosed.
- Remix CEO Michael Jackson said that Remix will receive “long-term backing and support” from Shopify that will allow it to “grow faster” and “sharpen its focus on performance and scalability.”
- Dion Almaer, VP of engineering at Shopify, said that the purchase of 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 creating open-source tools around React, a JavaScript library for building app UIs, before launching the eponymous Remix framework, TechCrunch reports.
- Before 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 tech provider that the e-commerce giant purchased in May for $2.1 billion.
- Earlier in the year, Shopify snatched 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 increased 22% year-over-year to $1.4 billion, which missed the consensus of $1.83 billion. The company reported an adjusted net loss of 2 cents per share, which beat consensus for a loss of 10 cents per share.
- Price Action: SHOP shares traded higher by 3.45% at $35.41 in the premarket on the last check Tuesday.
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