Shopify took a $437 million loss when it sold its robotics division 6 River Systems, Ocado financial docs show
Summary
Founded in 2015 in Massachusetts, 6 River Systems built a robot meant to work in tandem with human pickers in warehouses. But over time, staff questioned whether 6 River Systems was the boon they originally thought it would be since robotics wasnt as useful for a smaller operation. Shopify would later acquire Deliverr for $2.1 billion with the goal of creating a network of independent warehouses that would be tied together with software. With the sale of both 6 River Systems and Deliverr, Shopify executives said it would be returning its focus to its "main quest" of building software for online sellers. In his letter to shareholders, CEO Tobi Lütke called the entire initiative a "worthwhile side quest."
Classifications
industries
Fintech & Banking
applications
E-Commerce & Retail
AskAI Classifications
Labels
E-commerce Software
SaaS
Developer Tools
Linked Companies
Shopify Inc.
$100M to $250M
6 River Systems
$1M to $5M