Atlassian to Acquire The Browser Company for $610 Million in AI Browser Push

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Atlassian (TEAM.O) announced on Thursday that it will acquire New York-based startup The Browser Company for $610 million in cash, marking its entry into the fast-growing AI browser market. Shares of the San Francisco-based software maker fell about 2% following the news.

The Browser Company, founded in 2019, developed the Arc and Dia browsers. Its latest product, Dia, launched earlier this year, is designed as an AI-driven workspace that can summarize webpages and perform tasks for users. Atlassian said it plans to position Dia as its primary work browser, integrating tasks and tools across the web with enterprise context.

The move comes amid intensifying competition in AI-enabled browsers. Nvidia-backed Perplexity’s Comet and Brave’s Leo have recently entered the space, while Microsoft’s Edge, bundled with Copilot, has become widely adopted in enterprises due to its Microsoft 365 integration and security features. Google Chrome continues to dominate globally with a 69% market share as of August, according to Statcounter.

The Browser Company previously raised $50 million in a Series B round that valued it at $550 million, per Pitchbook, and counted Atlassian Ventures, Salesforce Ventures, Figma CEO Dylan Field, and former Instacart CEO Fidji Simo among its investors.

Atlassian will fund the acquisition with existing cash reserves, which totaled $2.5 billion at the end of June. The deal, expected to close in its fiscal second quarter ending in December, is subject to regulatory approvals. The company said the acquisition will not be material to financial results in fiscal 2026–2027.

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Shein’s UK Sales Surge to $2.8 Billion in 2024

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Shein’s British business generated £2.05 billion ($2.77 billion) in sales in 2024, marking a 32.3% increase from 2023, according to a recent filing. The UK represents Shein’s third-largest market after the United States and Germany as the fast-fashion e-commerce giant prepares for an initial public offering in Hong Kong.

Shein Distribution UK Ltd reported a pretax profit of £38.25 million in 2024, up 56.6% from £24.4 million the previous year. The filing highlighted milestones including a pop-up shop in Liverpool, a Christmas bus tour across 12 UK cities, and the opening of two new offices in Kings Cross and Manchester.

The retailer is known for low prices, constant promotions, and rewards programs that encourage repeat purchases. Shein has captured market share from competitors such as ASOS (ASOS.L) and H&M (HMb.ST), especially as rising inflation has pushed consumers toward bargain hunting. Its UK site offers items ranging from £7.99 ($10.84) dresses and £15 ($20.36) jeans to toys, craft supplies, and storage products.

Shein has benefited from customs duty exemptions on low-value e-commerce shipments, allowing goods to be shipped directly from Chinese factories largely tariff-free. However, these exemptions are being phased out, raising costs and prices, particularly in the U.S. The Trump administration eliminated the “de minimis” exemption for parcels under $800, and the EU plans to remove its duty waiver for parcels under €150. The UK is also reviewing its policy on low-value imports amid complaints that it favors online retailers like Shein and Temu.