Shopify reaches deal to buy logistics company Deliverr for US$2.1 billion

Shopify Inc. says it has signed a deal to buy logistics company Deliverr Inc. in a deal valued at about US$2.1 billion.

Under the agreement, Shopify will pay about 80 per cent of the purchase price in cash and 20 per cent in Shopify shares.

Shopify CEO Tobi Lutke says the deal will help give businesses access to a simple and powerful logistics platform.

The transaction is expected to close following regulatory review.

News of the deal came as Shopify, which keeps its books in U.S. dollars, reported a first-quarter loss of US$1.5 billion or US$11.70 per diluted share on US$1.2 billion in revenue.

The result compared with a profit of US$1.3 billion or US$9.94 per diluted share on US$988.6 million in revenue in the same quarter last year.

On an adjusted basis, Shopify says it earned 20 cents per diluted share in its most recent quarter, compared with an adjusted profit of $2.01 per diluted share for the first quarter of 2021.

by The Canadian Press