OTTAWA – E-commerce company Shopify Inc. (TSX:SH, NYSE:SHOP) has acquired Kit CRM Inc., a messaging app that helps businesses with online marketing.
Kit, which operates via text message, runs targeted ads and posts updates on Facebook and Instagram to help businesses make recommendations to customers based on store activities.
The app also sends updates via text message to businesses regarding their social media activity.
Shopify did not disclose the purchase price for the private acquisition.
Earlier this week, the company announced it will be the main tenant of a new office building in downtown Toronto.
Shopify has committed to lease about 112,000 square feet at the King-Portland Centre, which would be developed over the next three years.
The announcement Wednesday comes nearly a year after Shopify’s initial public offering on the Toronto and New York stock exchanges, which raised US$131 million.
Shopify provides e-commerce services to more than 243,000 customers in 150 countries including Tesla Motors, Budweiser, Red Bull and the LA Lakers.
It has more than 1,000 employees working at offices in Montreal, Toronto, Ottawa and Waterloo, Ont.