Its S-1 filing mentions the word "Shopify" 198 times, and it said that about 77.6% of its annual recurring revenue came from Shopify merchants.
About a third of the deals FE International facilitates are for businesses within the Shopify ecosystem, Smale said.
Smale said that lately, he has worked with a "wider variety of acquirers" quietly looking to scoop up Shopify apps.
He said that Shopify apps make good acquisition targets because they tend to be profitable and not venture-backed.
"I always say Shopify SaaS applications are so great to build because they're kind of like building a SaaS on training wheels," Gazdecki said.
Persons:
Shopify, Rachael Jones, Brent Murri, They've, Murri, Andrew Bialecki, Klaviyo, Dennis Hegstad, there's, Hegstad, Andy Cloyd, it's, We're, Thomas Smale, Smale, Andrew Gazdecki, Acquire.com, Gazdecki, Tobi Lütke, Lucas Jackson, wouldn't
Organizations:
Shopify's, Business, Boston Globe, FE International, Reuters
Locations:
Shopify, Klaviyo