Victoria’s Tiny (TSXV: TINY) has acquired Clean Canvas, a UK-based designer and developer of premium Shopify themes that has been used by over 80,000 Shopify merchants.
Clean Canvas will continue to operate as an independent brand within WeCommerce Holdings, an entity that is 100% owned by Tiny.
According to the announcement, Clean Canvas aligns with Tiny’s investment strategy and they expect the acquisition to be accretive. WeCommerce paid USD $11.5 million in upfront cash for Clean Canvas with a contingent consideration of up to USD $1.2 million earn-out.
“The Themes segment is performing well both on top line growth and profitability, and with new areas of collaboration across the portfolio, we see Themes as an ideal long-term investment focus,” stated the acquisition announcement.
“The additional expertise and thought leadership brought by the Clean Canvas team will facilitate additional development and innovation of the storefront experience.”
Tiny is a tech holding company that acquires majority stakes in businesses across three core segments, Beam, WeCommerce and Dribbble.
Beam, and its subsidiary companies including MetaLab, helps startups to Fortune 500 companies to design, build and ship premium digital products for both mobile and web.
WeCommerce provides merchants with a suite of ecommerce software tools to start and grow their online store. As one of Shopify’s first partners since 2010, WeCommerce is focused on building, acquiring and investing in leading technology businesses operating in the Shopify partner ecosystem.
Dribbble is a creative network and community that design professionals use to meet, collaborate, and showcase their work. Dribbble also hosts an online marketplace for graphics, fonts, templates, and other digital assets
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