VANCOUVER – Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce, announced that it has completed the previously announced sale of the majority of its former Shopify Logistics business to Flexport, a leading tech-driven global logistics platform, in accordance with the transaction agreement dated May 3, 2023. In connection with the sale, Shopify received stock representing a 13% equity interest in Flexport, which is incremental to its existing equity interest in Flexport. This transaction takes the logistics solution Shopify has been building and places it in the hands of a trusted and mission-aligned partner, Flexport.
Shopify intends to share further details regarding the impact of the sale on its results of operations for the second quarter ending June 30, 2023 on its next earnings call.
Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store and everywhere in between. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as Mattel, Gymshark, Heinz, FTD, Netflix, Kylie Cosmetics, SKIMS, Supreme, and many more.