Shopify Is Now More Valuable Than Two of Canada’s Oldest Companies
- E-commerce platform rallies on plans for fulfillment network
- Best-performing stock in Canada this year, more than doubling
Employees work at the Shopify office in Waterloo, Ontario.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Canada’s Shopify Inc., an e-commerce company that went public four years ago, is now more valuable than Manulife Financial Corp. and Canadian Imperial Bank of Commerce -- two financial institutions that have been around for more than a century.
Shopify eclipsed the financial heavyweights in market value on Wednesday after announcing plans to spend $1 billion setting up a network of fulfillment centers in the U.S. and upgrades to its tools merchants use to sell products.