Looks like they are using some of their cash wisely.
Shopify Inc (NASDAQ: SHOP) shares were surging Monday after news broke that the company acquired Tictail, an e-commerce platform focused on smaller brands.
Raymond James analyst Brian Peterson said that while no financial details for the transaction were disclosed, Stockholm-based Tictail has secured $32 million in funding.
“Similar to Shopify, Tictail has simplified the digital commerce process for small brands and entrepreneurs, with the ability to create a store from a mobile app while also providing a marketplace for brands on the platform,” Peterson said in a Friday note.
The analyst views the acquisition positively and said it aligns with Shopify’s goal of enabling entrepreneurs while also providing a potential catalyst for growth internationally.
Still long SHOP at #4