Victoria’s WeCommerce is going public.
Upon completion of the transaction, the company’s incumbent board of directors will resign and a new board will be formed consisting of five directors including Wilkinson and Tiny co-founder Chris Sparling. Sparling is also the CEO of WeCommerce.
Concurrent to the transaction, WeCommerce will complete a $60 million private placement with the proceeds being earmarked for strategic acquisitions.
“Completing this Qualifying Transaction is a milestone achievement,” said Sparling. “With the proceeds raised, we will continue to position ourselves as the acquirer of choice for software companies within Shopify’s partner ecosystem.”
WeCommerce currently owns a family of companies and brands in the Shopify partner ecosystem, including, Pixel Union, Out of the Sandbox, Yopify, SuppleApps, Rehash and Foursixty and is focused on acquiring businesses with growth potential, a sustainable competitive advantage and that are, or have the potential to become, a leader within their particular market.
As a long-time partner of the Ottawa-born e-commerce giant, WeCommerce says it has confidence in the Shopify platform and believes it is well positioned to continue to identify acquisition opportunities in the Shopify Partner ecosystem.
WeCommerce is expected to commence trading on December 14th.