Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a Montreal, Canada-based provider of cloud-based, omnichannel commerce platforms, acquired Upserve Inc., a restaurant management cloud-software company based in Rhode Island.
Lightspeed acquired Upserve for estimated total consideration of $430m, consisting of approximately $123m in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed, subject to customary post-closing adjustments.
The combination ot the two companies will accelerate product innovation and the advancement of Lightspeed’s analytics-driven commerce platform.
Led by Dax Dasilva, Founder and CEO, Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. Its smart point of sale systems enable SMBs to sell across channels, manage operations, engage with consumers, accept payments and ultimately grow their business. Lightspeed has staff located in Canada, USA, Europe, and Australia.
The acquisition follows the company’s listing on the New York Stock Exchange and the acquisition of ShopKeep, a cloud commerce platform provider serving more than 20,000 customer locations.
Led by CEO Sheryl Hoskins, Upserve is a Vista Equity Partners portfolio company.