Joe Bachir. May 28th, min read. Handshake , and now Shopify, is targeting the area of the e-commerce market where brands and other merchants sell items wholesale, potentially alongside consumer-focused retail efforts. While Shopify is a well-established e-commerce platform, B2B and wholesale purchasing are areas where Shopify can expand. The e-commerce-focused platform, Shopify, has purchased the company Handshake, which specifically focuses on developing an e-commerce platform for B2B wholesale purchasing. Shopify has confirmed this with a statement:. We consider acquisitions in the normal course of business as we focus on making commerce better for everyone. B2B e-commerce sales in the U. As with consumer-focused sales, platforms like Handshake offer businesses the ability to handle these B2B sales directly, rather than handing off the sales to a third-party marketplace.
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How This Could Change Shopify
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Reports say the companies have generally kept quiet about the deal, but eCommerce platform Shopify has officially confirmed its acquisition of B2B eCommerce portal Handshake. Another source revealed that Shopify first announced the takeover internally to its employees earlier this month. Soon after, the company launched its mobile B2B eCommerce service, enabling vendors to connect to potential buyers via mobile device. Most recently, the company struck a collaboration with payments company Square. That deal, announced last year, included Square powering B2B payments on the Handshake platform in an integration available through the Square App Marketplace.
Shopify Acquires Handshake
Shopify had not originally planned to announce the deal but news broke of the acquisition on Thursday after it was revealed by TechCrunch. SurePath Capital Partners , led by Mark MacLeod, was the exclusive strategic and financial advisor to Handshake on the sale, and released a statement on Friday announcing the deal after the news broke. This is the second acquisition in five months for the Ottawa-based ecommerce company, after it quietly acquired Toronto-based video messaging for businesses service Helpful.
Published on May 24, The rumors of Shopify acquiring Handshake has finally settled down. Handshake, an e-commerce platform for Business-to-Business has been discreetly acquired by Shopify. We consider acquisitions in the normal course of business as we focus on making commerce better for everyone.