Canadian e-commerce startup Shopify Inc. (TSX: SH) is raising its profile in the hotbed of the country's technology sector with plans to hire more people for a larger office in Waterloo, Ont.
The Ottawa-based company will announce today it's making a significant expansion in the region as part of an effort to attract talent from local universities and other tech companies.
Shopify built its business on helping other companies launch their own web stores using its software platforms.
This year, Shopify has been growing in leaps and bounds after listing on the public markets in May.
This month alone, it has secured a new partnership with Seattle-based e-commerce giant Amazon for its web store merchants and reached an agreement with Twitter that allows retailers to post one-click purchase buttons on the social media platform.
Shopify has seen its market value soar to about $2.6 billion U.S. Its stock began trading on the Toronto Stock Exchange on May 21 at $35.03 and closed Wednesday at $46.66, a gain of 33%. The stock opened Thursday down 36 cents to $46.30.
The company already has offices in Ottawa, Montreal and Toronto as well as a small operation in Waterloo that has about 20 employees who work from a facility that mainly houses local startups.
Tech Insider
