Shopify Snaps This Open-Source Web Framework Developer For Undisclosed Terms - Shopify (NYSE:SHOP)

Shopify Inc SHOP scooped Remix, a startup developing an open-source web framework similar to Next.js.
The financial terms of the transaction remained undisclosed.
Remix CEO Michael Jackson said that Remix will receive “long-term backing and support” from Shopify that will allow it to “grow faster” and “sharpen its focus on performance and scalability.”
Dion Almaer, VP of engineering at Shopify, said that the purchase of Remix would benefit both Shopify developers and merchants by bringing improvements to Hydrogen.
Jackson, an ex-Twitter Inc TWTR engineer, and Ryan Florence co-founded Remix in 2020. The two worked together for years creating open-source tools around React, a JavaScript library for building app UIs, before launching the eponymous Remix framework, TechCrunch reports.
Before the Shopify acquisition, Remix had raised $3 million in seed capital from OSS Capital and angel investors Naval Ravikant, Ram Shriram, and Sahil Lavingia.
Remix is Shopify’s first acquisition since Deliverr, the fulfillment tech provider that the e-commerce giant purchased in May for $2.1 billion.
Earlier in the year, Shopify snatched up Dovetail, which helps brands manage influencer marketing campaigns. The company also recently invested in Single, a music and video app.
Shopify said third-quarter revenue increased 22% year-over-year to $1.4 billion, which missed the consensus of $1.83 billion. The company reported an adjusted net loss of 2 cents per share, which beat consensus for a loss of 10 cents per share.
Price Action: SHOP shares traded higher by 3.45% at $35.41 in the premarket on the last check Tuesday.

Market News and Data brought to you by Benzinga APIs