Last week, Shopify, a Canadian e-commerce firm, announced that it would be downsizing its 11,600-person staff by 20%, alongside a statement that it had sold 6 River Systems, a warehouse automation firm, to a new owner. Although the news was mixed, the company still managed to beat out Wall Street’s expectations, sending the stock price upwards.
Tobias Lütke, CEO of Shopify, commented that the company is undergoing changes in order to make commerce simpler, easier, and more democratized for entrepreneurs. As the dawn of AI has arrived, the advancements it has brought to the industry allows for a “copilot for entrepreneurship.” Lütke further explained that Shopify Logistics is also being spun off to Flexport, in their quest to create the best commerce platform.
The new owner of 6 River Systems is Ocado Group, an English grocery technology provider. 6 River Systems has already been deployed in 100 warehouses and with 70 customers globally. Ocado Group CEO James Matthews was delighted to welcome the robotics firm to the firm’s tech estate, noting that it includes valuable R&D and commercial expertise. The sale was part of a bigger discussion between 6 River Systems and Shopify, making sure the robotics company would still provide its systems to customers.
6 River Systems was founded by Jerome Dubois, currently serving as VP for Shopify Logistics. He had previously explained that the conversation between Shopify and 6 River Systems was positive, with investors being keen on the company and its strong trajectory. Dubois is excited to keep investing in the firm and continuously grow the business.
Shopify is a commerce platform that allows businesses to set up their own online stores and sell its products. Shopify is also one of the most popular e-commerce platforms, with over one million merchants using it to run their online stores. It is based in Ottawa, Ontario and its headquarters are in Toronto. It became a public company through its initial public offering on the New York Stock Exchange in May 2015.
