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.

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