The Financial Post reports in its Wednesday edition after its successful cross-border listed initial public offering, Shopify execs are hoping to get back to making and selling software. The Post's Christina Pellegrini writes Ottawa-based Shopify is the market's latest technology darling, returning a handsome paper profit to the investors who jumped in before or at last week's $17 (U.S.) per share debut price in New York. Shares rose Tuesday to $29.65, while its more thinly traded shares in Toronto slumped to $36.69.
While the company's IPO has caused a big stir among traders and media on both sides of the border, its platform has not yet seen that same burst of interest from prospective clients. Still, Shopify has added a number of larger brands to its roster during the past few weeks including Sears, the UPS Store and the Kardashians. The goal is "to become a trusted public company," said Harley Finkelstein, chief platform officer. During the quarter ending March 31, the cloud-based platform processed $1.3-billion (U.S.) in transactions, a 108-per-cent increase compared with the same period last year, and supplied software to 162,261 businesses in more than 150 countries. On-line retail continues to grow.
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