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Alphabet Inc.’s (GOOG.O)(GOOGL.O) Google division will have to pay a “ridiculously high premium” in order to acquire ecommerce firm Shopify Inc., according to sources familiar with the Ottawa-based company.
Google is rumoured to be shopping for takeover targets to bolster its cloud computing platform and work place applications.
Shopify is on the search engine giant’s short list of acquisition targets along with app services startup Metavine, cloud solutions and sales firms Callidus Software and Xactly, as well as Namely, a company that administers payroll and health benefits, according the tech news site Re/code.
Shopify’s dual class share structure puts decision making power in the hands of company insiders and early investors. Sources tell BNN the company is not actively seeking buyers and remains focused on organic growth. Shopify declined to comment.
Shopify’s Toronto (SH.TO) and New York (SHOP.N) listed shares climbed about 5 percent Friday. The company went public on both exchanges last May at $17 per share. Since then, the more widely-traded U.S. stock has pushed as high as US$50.
Shopify sells software that helps merchants sell their products online and process credit card payments without a third party. The company’s website says it’s processed $14 billion worth of sales, and currently has 243,000 active merchants.
CEO Tobias Lutke founded Shopify in 2006 after growing frustrated with the complex online sales software available for a website he was building to sell snowboards online.