E-commerce platform provider Shopify Inc. has purchased Boltmade Inc., a product design and development consultancy based in Waterloo, Ontario. The purchase price was not disclosed.

Shopify, which mainly works with small and medium-sized businesses, says the acquisition of Boltmade will help accelerate the development of its Shopify Plus product, which the company launched in 2014. Shopify Plus is Shopify’s cloud-based e-commerce platform designed for larger merchants.

Boltmade, which launched in 2013, has 21 employees. The Boltmade team will join the Shopify Plus office in Waterloo.

“We first worked with the Boltmade team in early 2016 and quickly realized the team’s huge potential and depth of talent,” says Loren Padelford, vice president of Shopify Plus. “The acquisition of Boltmade will bring a strong group of designers and engineers to Shopify Plus. We’re thrilled to have them join our team to help shape the future of commerce for larger merchants.”

Shopify, which went public in May 2015, works with more than 300,000 businesses in approximately 150 countries. It serves 12 North American retail clients in the Internet Retailer 2016 Top 1000 including apparel retailer BHFO (No. 470) and Barstool Sports (No. 947). In its most recent earnings report for the second quarter ended June 30, Shopify said revenue totaled $86.6 million, up 93% from $44.9 million in Q2 2015. Its gross merchandise volume (GMV) for the second quarter was $3.4 billion up 106% compared to the second quarter of 2015.

“Shopify has had a big impact on commerce by helping businesses of all sizes achieve success. Earlier this year, we jumped at the chance to work on a project with them,” said Jim Murphy, founder and president of Boltmade.

Shopify offers monthly subscription packages that range from $29 to $199 depending on features. Shopify’s prospectus filed in advance of last year’s IPO said annual revenue per merchant client averages $1,000.

Other larger players including Oracle Corp. and Salesforce.com Inc. have been stepping up their cloud-based e-commerce offerings lately.

Last week at the Shop.org Digital Summit in Dallas, web-based CRM vendor Salesforce.com Inc. unveiled its Commerce Cloud product, underscoring its strategy to expand its e-commerce services. Commerce Cloud is based on Salesforce’s recent acquisition of web-based e-commerce platform Demandware, and offers brands web, mobile, social and in-store services, in addition to web-based customer-relationship management services already offered by Salesforce. Salesforce in June announced it would pay about $2.8 billion for Demandware; the deal closed in mid-July. Brands including Cole Haan, Puma and Suitsupply, are using the new Commerce Cloud, Salesforce says.

In July, tech giant Oracle Corp. announced it would buy web-based e-commerce platform provider NetSuite in a $9.3 billion deal. Buying NetSuite positions Oracle to offer business software, including e-commerce technology, to small and midsized companies along with the larger clients Oracle previously has served. NetSuite was developed as a lighter-weight, less expensive version of Oracle’s high-end business software and has become a significant provider of e-commerce technology, both to retailers selling to consumers and to companies that sell online to businesses, government agencies and other large organizations. Oracle is building out its Oracle Commerce Cloud product, which it launched in 2015, and cloud veteran NetSuite adds to the options it can offer retailers and B2B sellers that don’t want to run their e-commerce technology themselves.