Lightspeed bought Upserve for $ 430 million, consisting of approx. $ 123 million in net liquidity and up to 5,895,365 subordinated voting shares in the capital of Lightspeed, which will be subject to adjustments after closing, according to the announcement.
The move will help Lightspeed strengthen its position in the industry as more restaurants turn to the digital side of business, the press release said.
The merger of the two companies will accelerate product innovation and help advance Lightspeed’s analytics-driven trading platform. The combination will provide a new competitive way for small restaurants to navigate the complex new restaurant world created by the pandemic, according to the press release.
“Joining forces with Upserve is a strategic next step in Lightspeed’s vision to provide the most advanced trading platform for high performing companies around the world,” said Dax Dasilva, Founder and CEO of Lightspeed, in the publication. “We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to meet the greatest challenge their industry has faced in decades and will give our teams exceptional leadership in anticipation of the global hospitality industry’s economic recovery.”
Hold up CEO Sheryl Hoskins According to the press release, the two companies plan to help North American restaurateurs deliver an improved guest experience.
Lightspeed saw growth after its listing on the New York Stock Exchange, along with the acquisition of the cloud commerce provider, the press release said ShopKeep.
The ShopKeep purchase took place in November and Lightspeed agreed to it due to the pandemic’s digital payment postponement. Lightspeed has agreed to pay around $ 440 million for the company, and the deal is expected to close by the end of the year. PYMNTS reported.
ShopKeep’s services are used by over 20,000 merchants and the company has an annual gross transaction value of $ 7 billion. The acquisition is designed to improve Lightspeed’s capabilities for complex inventory and multi-location sales.
“Our partnership creates the conditions to help business owners navigate challenging times, keep pace with rapid change and quickly adapt to the increasing demands of today’s customers,” said Michael DeSimone, CEO of ShopKeep at the time.