We are discussing Shopify to Acquire Sequoia-Backed Slack Alternative Threads:
Threads accepted a buyout offer from Shopify to merge the team with the company. Shopify acquired the Sequoia-backed startup threads. The deals and acquisition amounts have not yet been disclosed by the companies; however, the startup mentioned on its website that the team is joining hands with Shopify.
Thread mentioned that they planned to sell domains after launching Meta’s social network last year. TechCrunch mentioned that the startup previously raised $10.5 million in its funding round held in 2019. The company also mentioned that a few companies contacted them previously, but they politely declined. This time, the company eventually signed a deal with Shopify as a plan to scale up while meeting market demands with the help of Shopify’s technical team and support.
The company benefited from the launch of Meta’s thread since the slack alternatives own threads.com, a competitor of thread.net by Meta. Meta’s thread was mainly focused on business communication; therefore, it used “.network” in the domain. The data analytics firm data.ai reported that the startup saw 880k+ downloads globally on IOS devices from 6th to the 12th July, while the Android app crossed a million downloads. The CEO of Shopify, Tobi Lutke, posted a welcome post to the team, but the details of the deal and integration are still undisclosed. The company received multiple buyout offers but declined until Shopify came up with a deal.
The Thread team mentioned that every company that came for the deal was incredible, but the culture and vision of Shopify align perfectly with their company. Thread.com believes that the company is not only focused on making the right thing but also on making it in the right way. The Thread team showed their excitement for this new collaboration and thanked all its supporters who believed in the team for past years.
Conclusion
Shopify is an e-commerce platform allowing users to create an online store for their products and services. Thread.com is a Sequoia-backed platform that lets you connect with the public. Shopify acquired Thread, a Sequoia-backed company. This acquisition will help Thread integrate data and teams and spread their business more easily. The deals and acquisition amounts have not yet been disclosed by the companies; however, the startup mentioned on its website that the team is joining hands with Shopify. The company also mentioned that a few companies contacted them previously, but they politely declined.
This time, the company eventually signed a deal with Shopify as a plan to scale up while meeting market demands with the help of Shopify’s technical team and support. The startup saw 880k+ downloads globally on IOS devices from 6th to 12th July, while the Android app crossed a million downloads. The team of Thread mentioned that every company that came for the deal was incredible, but the culture and vision of Shopify were what they were looking for in a company. This time, the company eventually signed a deal with Shopify as a plan to scale up while meeting market demands with the help of Shopify’s technical team and support.
