Shopify

Shopify, headquartered in Ottawa, has emerged as a defining e-commerce force in North America. With roughly 11k employees and revenues approaching $7B, the group keeps reinforcing its position through disciplined capital allocation and a long-term industrial vision.

Talent density and engineering culture have become a quiet competitive moat, particularly as the sector consolidates around fewer global champions.

“Shopify is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Capital markets have started to price in the durability of the model, and rating agencies have followed.