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Shopify sells 6 River Systems to new owner

Variety

09-05-2023 | 08:43

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Shopify sells 6 River Systems to new owner

Shopify last week announced that it would be the latest big tech firm to undergo mass layoffs. The company is cutting 20 percent of its 11,600-person staff. The news arrived during earnings that beat Wall Street expectations, shooting its stock price up as a result.

Also included in the announcement was news that the Canadian e-commerce giant had found a new owner for 6 River Systems, the warehouse automation firm it purchased in 2019 for nearly half-a-billion. It was about as good of timing as anyone could ask for. The category has been ascendant for the past decade, but things really began to accelerate during the pandemic — and 6 River had a healthy five-year head start.

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