Amazon confirmed the deal in a statement to TheStreet writing that Amazon and Canvas "share a common vision for a future where people work alongside robotics to further improve safety and the workplace experience." The deal was first reported by TechCrunch.
Shares of Amazon were up 0.63% on Wednesday and are up 19% year-to-date.
The Canvas acquisition is the latest development in Amazon's ongoing investment in warehouse automation, which kicked off with its 2012 acquisition of Kiva Systems (now Amazon Robotics) for $775 million. Amazon operates more than 75 fulfillment centers in North America, some using its "8th generation" automation model that merges robotics with human oversight.
Amazon didn't disclose terms of the Canvas deal, but Canvas has raised $15 million since it was founded in 2015 according to its Crunchbase profile.For the current quarter, Amazon is expected to report earnings of $4.71 a share on sales of $59.7 billion, based on a FactSet survey of 43 analysts. In the same period a year ago the company posted earnings of $3.27 a share on sales of $51 billion. The stock has risen 6.8% since the company last reported earnings on Jan. 31.