Shopify (SHOP) Gains on Google Takeover Rumor

Shopify (NYSE: SHOP) is gaining in pre-open trade Friday (+2.6%) on reports from Re/Code that Alphabet (NASDAQ: GOOG) is shopping for cloud companies and Shopify could be its target.

From Re/Code:

Google has assembled an early working list of possible acquisition targets in enterprise that include a number of startups, according to sources familiar with the discussions. The list includes: Metavine, an automated app services startup that has raised $5.5 million; Shopify, a Canadian e-commerce public company with a market cap of $2.25 billion; CallidusCloud; Xactly; and Namely, a startup that handles payroll and health benefits services that raised a combined $77 million $108 million in three rounds, its latest led by Sequoia Capital.

Approaches have been preliminary in nature and haven't reached a formal stage, the report also said.

You May Also Be Interested In

• Uniti Group (UNIT), Windstream Said To Near $15 Billion Combination - Bloomberg
• Capri Holdings Limited (CPRI) Statement on FTC Action Seeking over Tapestry Deal
• E.W. Scripps Co. (SSP) exploring sale of Black-culture broadcast network Bounce TV - CNBC