Shopify took a $437 million loss when it sold its robotics division 6 River Systems, Ocado financial docs show
Shopify paid $450 million for 6 River Systems in 2019. UK grocery giant Ocado paid just $12.7 million to acquire 6 River Systems from Shopify in May, according to Ocado's mid-year financial report released July 18.
The companies did not disclose the financial details of the 6 River Systems deal at the time of the announcement. The newly released figure in Ocado's financial docs wasMuch of the 6 River Systems team was laid off along with the sale. Shopify also cut 20% of its overall workforce in May. "It was so exciting because we thought, 'This is the edge we need,'" a former developer in logistics previously told Insider."We were going to take all of the logistics headaches that people need to worry about and just magic them away."
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