Following second-quarter 2021 results that showed Victoria, BC’s WeCommerce posting a loss, the acquirer of Shopify partner ecosystem companies announced a new CFO, general counsel and corporate secretary, and director of corporate development.
David Charron will serve as the company’s CFO effective November 1, while Susan Min steps into the role of general counsel and corporate secretary as of September 17. Jordan Taub joins the firm as director of corporate development, also as of September 17.
Charron has over three decades of financial experience, including 12 years as CFO of TSX-listed technology companies. He most recently comes from TeraGo, a provider of cloud, colocation, and connectivity solutions, where he served as CFO from 2017.
Min has over 20 years of broad legal experience in advisory, dealmaking and corporate governance from in-house counsel, private practice and public service roles. She spent seven years in various senior roles at Goldman Sachs, including the global head of risk and policy group. She began her legal career as an attorney with the U.S. Securities and Exchange Commission’s Division of Corporation Finance.
Taub joins WeCommerce as director of corporate development from Constellation Software’s operating group, Vela Software, where he most recently served as a portfolio CFO. Previously, Taub was director of merger and acquisition in the Constellation Software head office.
Founded in 2019, WeCommerce is owned and led by CEO Chris Sparling, who founded it alongside chairman Andrew Wilkinson. The pair are also co-founders and managing partners of Victoria-based venture capital firm Tiny Capital.
The holding company, which went public on TSX Venture Exchange (TSXV) in December through a reverse takeover, focuses mainly on SaaS, digital goods and services businesses that build apps, themes, and run agencies that support Shopify merchants.
In Q1 2021, WeCommerce posted a net loss of $44,675 compared to a net income of $507,696 in Q2 2020. The company attributed the loss to depreciation and amortization costs to “intangible assets” acquired and acquisition costs of $332,390 in connection with the acquisition of Stamped.io.
WeCommerce acquired Stamped.io in April for up to $110 million USD ($12.7 million CAD). Stamped.io provides software that allows Shopify merchants to collect and feature customer reviews and product ratings, and to create their own loyalty and rewards programs.
In early August, WeCommerce said it had made a deal to acquire the assets of Toronto’s Archetype Themes for up to $40.25 million CAD. Archetype designs and develops premium themes for Shopify merchants. According to WeCommerce, Archetype’s themes are used by over 60,000 Shopify merchants, and the company’s Impulse theme is the most popular option available in the Shopify Theme Store.
And in July WeCommerce secured about $33.7 million in funding following the close of a previously announced bought deal financing. The company has used the funding for acquisitions and working capital.