Sushi Labs Buys Shipyard Software for $50M, Expands DeFi Reach

Sushi Labs, a leading decentralized finance (DeFi) infrastructure provider, has announced the acquisition of Shipyard Software, a prominent DeFi infrastructure company. The deal, valued at $50 million, is expected to strengthen Sushi Labs' position in the rapidly growing DeFi ecosystem.

The acquisition will enable Sushi Labs to expand its product offerings and enhance its technological capabilities. Shipyard Software's expertise in DeFi protocol development and liquidity management will be instrumental in Sushi Labs' continued growth and innovation in the DeFi space.

Sushi Labs' CEO, Jared Grey, expressed his excitement about the acquisition, stating, "We are thrilled to welcome Shipyard Software to the Sushi Labs family. Their team's deep expertise in DeFi infrastructure will be invaluable as we continue to build and scale our platform."

Shipyard Software's co-founder and CEO, Alexei Antonov, echoed Grey's sentiments, saying, "We are excited to join forces with Sushi Labs. Together, we will be able to accelerate the development of cutting-edge DeFi infrastructure and drive innovation in the space."

The acquisition is part of Sushi Labs' broader strategy to expand its presence in the DeFi ecosystem and solidify its position as a leading provider of DeFi infrastructure. The company has been actively investing in strategic partnerships and acquisitions to achieve this goal.

In addition to the Shipyard Software acquisition, Sushi Labs has also been making significant strides in other areas. The company recently announced a major expansion, acquiring a mining facility in Paraguay for millions of dollars. The Yguazu Mining Facility, with a capacity of 200 MW, is an important step for the company. With the acquisition, Sushi Labs plans to reach a performance level of 25 EH/s (exahashes per second) by September 2025.

Sushi Labs is also increasing its cryptocurrency mining capacity by over 400%. The company currently operates at 6 EH/s, but with the new Yguazu facility, it will gain an additional 300 MW of power when finished. The facility is developed in two phases, with the first phase expected to start in the second quarter of 2024, adding 6 EH/s to the company's global capacity. The second phase, scheduled to end by August 2024, will add another 6.