E-commerce startup Stord buys AI fulfillment platform Shipwire

In a strategic move to bolster its logistics capabilities, e-commerce startup Stord has acquired Shipwire, a subsidiary of CEVA Logistics, as announced on Monday. The acquisition, finalized on January 1, introduces 12 additional locations to Stord's logistics network and brings approximately 60 new employees into the fold. Shipwire, recognized for its AI-driven fulfillment services, is designed to support e-commerce businesses in optimizing their operations. Stord's CEO, Sean Henry, expressed enthusiasm about the deal, stating, "This is a great network, great customers, great team to pull onto our technology and our combined scale. And with that scale, it spins our flywheel up." This marks Stord's seventh acquisition as it positions itself as a formidable competitor to e-commerce giants like Amazon. The Atlanta-based startup has been on an aggressive growth trajectory, recently acquiring the third-party delivery service Ware2Go, a subsidiary of UPS, earlier this year, among other notable acquisitions. Stord has also invested significantly in its operations, including a major investment plan in Kentucky and the tech platform Penny Black. Founded in 2015 by the then-18-year-old Henry, who left the Georgia Institute of Technology to pursue the Thiel Fellowship, Stord aims to lower shipping costs and enhance delivery speeds for smaller merchants. The company has attracted substantial investment, raising $200 million at a valuation of $1.5 billion, with backing from prominent investors such as Kleiner Perkins, Founders Fund, Salesforce Ventures, and Strike Capital.