Shopify Offloads Its Logistics Business to Supply Chain Technology Company Flexport

Shopify is selling its logistics unit to supply chain technology company Flexport, the companies announced Thursday.

The sale marks a reversal for Shopify, which had spent years building out its own logistics and order-fulfillment operations. The unit includes last-mile delivery startup Deliverr, which Shopify purchased last May for $2.1 billion, its largest acquisition ever.

As part of the agreement, Shopify will receive stock that represents a roughly 13% equity interest in Flexport, “bringing us to a high-teens ownership,” the company said in a statement.

Read the source article at cnbc.com