Shopify is one of the largest e-commerce platforms with 300,000 active Shopify stores and $20 billion worth of sales. While the company began as a place for small businesses to set up an e-commerce site, it has also been adopted by big brands like Tesla Motors Inc. and Red Bull.
Boltmade was founded in 2013 and designs and builds digital products for both early stage start-ups and large Fortune 500 companies. The acquisition is intended to accelerate the development of Shopify Plus, which is a cloud-based platform for high-growth, high-volume merchants.
“We first worked with the Boltmade team in early 2016 and quickly realized the team’s huge potential and depth of talent,” said Loren Padelford, vice president of Shopify Plus. “The acquisition of Boltmade will bring a strong group of designers and engineers to Shopify Plus. We’re thrilled to have them join our team to help shape the future of commerce for larger merchants.” Boltmade’s 21-person team will be folded into Shopify’s Waterloo, Ontario office.
“Shopify has had a big impact on commerce by helping businesses of all sizes achieve success. Earlier this year, we jumped at the chance to work on a project with them,” said Jim Murphy, founder and president of Boltmade. “We’re excited to be joining Shopify Plus to help some of the most recognizable, fastest-growing brands in the world sell billions of dollars of product.”
This is Shopify’s second acquisition this year. In April, they acquired the virtual marketing assistance company Kit CRM Inc. Kit helps companies market their online stores by doing things like engaging customers that abandon shopping carts, building Facebook ads and retargeting web site visitors.
Shopify’s revenue has grown 93 percent year-over-year and is a $3.51 billion company. It has partnered with Amazon and eBay to help its customers interface better with the big guys. Last year Amazon.com Inc. closed its own web store and joined up with Shopify. The stock is up 19 percent for the past year and was lately trading at $42.79.