Lightspeed Acquires U.S. Cloud-Based Commerce Business ShopKeep

Date:

Share post:

Montreal-based leading provider of cloud-based, omnichannel commerce platforms Lightspeed POS Inc. has announced its entry into a definitive agreement to acquire ShopKeep Inc., a leading cloud commerce platform provider based in New York City.

This acquisition reinforces Lightspeed’s status as a category leader for complex retailers and restaurateurs seeking to modernize their operations as the global economy undergoes unprecedented digital acceleration.

The scale achieved by the combination of Lightspeed and ShopKeep presents retail and restaurant business owners in the United States with enhanced resources to pivot their operations. Lightspeed’s Analytics, Loyalty, eCommerce, and Payments modules — in addition to its multi-location solution — will offer ShopKeep’s customer base the opportunity to enhance their capabilities.

The acquisition immediately expands Lightspeed’s U.S. market share, allowing for increased investment in sales, marketing, and research and development to capitalize on the increasing demand for modern, cloud-based, omnichannel commerce solutions. Following the closing of the acquisition, Lightspeed will serve over 100,000 customer locations worldwide, generating approximately US $33 billion in gross transaction volume.

“ShopKeep’s commitment to enabling independent businesses to dream big and rise above industry and economic challenges is deeply aligned with our own mission to power the future of commerce,” said Dax Dasilva, Founder and CEO of Lightspeed. “This acquisition will bring ShopKeep merchants, small and medium-sized businesses that make up the backbone of the U.S economy, into the Lightspeed family, providing them even more crucial product innovation and world-class support as they drive the reinvention of American commerce.”

The acquisition will generate strong expected synergies resulting from increased gross transaction volume, the ability to leverage integrated go-to-market resources and a combined payments opportunity. Once closed, Lightspeed’s acquisition of ShopKeep will follow the successful integration of multiple premier platforms that experienced accelerated growth following their acquisitions by Lightspeed, including that of Montréal-based Chronogolf, Sydney-based Kounta and Berlin-based Gastrofix.

“We believe uniting with Lightspeed highlights and amplifies our shared vision to deliver industry leading commerce enablement for small and medium-sized businesses,” said Michael DeSimone, CEO of ShopKeep. “Our partnership sets the stage to help business owners navigate through challenging times, keep pace with rapid change and adapt quickly to meet the rising demands of today’s customers.”

Lightspeed has also released its financial results for the three-and six-month period that ended September 30, 2020.

Read More Lightspeed Articles From Retail Insider:

Second Quarter Financial Highlights:

(All comparisons are relative to the three-month period ended September 30, 2019 unless otherwise stated):

• Total revenue of $45.5 million, an increase of 62%

• Recurring software and payments revenue of $41.1 million, an increase of 62%

• Gross margin of 60%, with gross profit up by 42% versus the prior year quarter

• Net loss of ($19.5) million as compared to a net loss of ($10.1) million largely reflecting increases in non-cash expenses

• Adjusted EBITDA improved by $2.3 million to ($2.8) million

• At September 30, 2020, Lightspeed had $513.1 million in unrestricted cash and cash equivalents

Lightspeed delivered results for the quarter ahead of previously established guidance, characterized by a growing customer base, increased adoption of software modules, strong gross transaction volume growth, and increased payments penetration as small and medium-sized businesses continue to choose Lightspeed’s modern cloud-based omnichannel solutions.

To learn more visit https://www.lightspeedhq.com.

*Partner content. To work with Retail Insider, email: craig@retail-insider.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More From The Author

Opportunities Present to Repurpose Nordstrom Spaces in Canada: Experts Comment

Retail Insider got the opinions of several experts as to what might happen with Nordstrom's Canadian stores after the retailer exits the country.

‘Wild Fork’ Launches in Canada with Plans to Open Storefronts in National Expansion [Interview/Renderings]

The innovative food company that delivers quality meat and seafood will open physical locations across the country.

Australia-Based Laser Clinics Secures Flagship Location in Toronto as it Launches Aggressive Expansion [Interview]

The concept is part of the world's largest cosmetic clinic group, and it will expand rapidly in the Canadian market after launching in Ontario last year.

Toronto-Based Retailer ‘Parpar Boutique’ Planning to Open More Stores with Expansion [Interview]

The retailer is unique in how it brings in new styles daily, creating a buzz and FOMO among customers.

Smaller Packages at Grocery Stores in Canada Amid ‘Shrinkflation’ Could Trigger Taxes at the Checkout [Op-Ed]

Sylvain Charlebois says that even more grocery items are expected to be taxed as brands reduce the size of certain food offerings below government thresholds.

Aberdeen Mall in Kamloops BC Adding New Retailers Including Tenanting Sears Box [Interview]

The popular shopping centre added retailers during the pandemic and continues to strategize its retail mix including remerchandising a former Sears space.

Upscale US-Based Women’s Fashion Brand Veronica Beard Expands into Canada with 1st Store in Toronto

Another international brand has entered the Canadian market, spelling confidence in brick-and-mortar retail in this country.

Luxury Brand Concessions at Nordstrom in Canada Shutter Ahead of Retailer’s Exit

Several major brands leased space within Nordstrom stores and the boutique spaces shuttered over the weekend.

Nordstrom to Exit Canada Discussion: Craig Patterson & Lee Rivett [Podcast]

Craig and Lee talk about the closure announcement of Nordstrom shutting its Canadian stores. Included in the discussion is how we found out, what might be done with Nordstrom's stores in Canada, and why the retailer made the shocking move.

Why Nordstrom Failed in Canada: Interview with Lisa Hutcheson of J.C. Williams Group

The retail industry expert also discusses learnings on retail innovation from EuroShop 2023.

Vancouver-Based Brand DUER to Double Store Count in 2023 [CEO Interview]

Stores act as a community hub for the brand which is seeing rapid growth across its channels.

Uniqlo to Enter Ottawa Market with Ongoing Canadian Store Expansion

The Japanese fast-fashion retailer is targeting major cities across the country as it enters new markets with stores.

SAXX Underwear Launches 1st Immersive Shop-in-Store at Hudson’s Bay Flagship in Toronto [Interview/Photos]

The pandemic put an earlier launch on hold for the brand which is now looking to open more retail locations in Canada.

Holt Renfrew to Relocate Standalone Men’s Store on Toronto’s Bloor Street Back into Flagship

The standalone Holt Renfrew Men opened in 2014 in a former Roots location, about 500 feet west of the 50 Bloor flagship. Big changes are in store according to the retailer.

Canadian Women’s Undergarment Brand Knix Expanding Further with Stores and Significant Growth [Founder Interview]

Joanna Griffiths discusses the expansion of her brand which includes product innovation and physical stores as well as robust e-commerce.

Upscale Women’s Retailer Andrews Relocated Yorkville Village Store to New Space [Interview]

The relocation follows Andrews' opening of a store in Oakville as it curates fashion lines catering to a range of female customers.

CrossIron Mills Near Calgary Sees Strong Leasing Activity with New Tenants Added [Interview]

It's been an incredibly active year according to James Moller of JLL, noting that the next space to deal with is a soon to be vacated Bed Bath & Beyond.

Birks Investing in Stores Including Relocating CF Chinook Centre Location in Calgary [Interview]

CEO Jean-Chrisophe Bédos tells Retail Insider that the jeweller sees an upside to luxury retail in Canada, particularly in five major markets.

Badass Fitness Experience With A FightClub Meets NightClub Vibe [Interview]

Cissy Chen, founder of Rumble Boxing Studio, discusses her growing business at a time when fitness studios struggle following the pandemic.

Zellers Reveals Opening Dates for Alberta and Ontario Stores

Zellers will be opening its first locations in Ontario and Alberta and launching its ecommerce platform later this month.

RECENT RETAIL INSIDER VIDEOS

Advertisment

Subscribe to the Newsletter

RECENT articles

Opportunities Present to Repurpose Nordstrom Spaces in Canada: Experts Comment

Retail Insider got the opinions of several experts as to what might happen with Nordstrom's Canadian stores after the retailer exits the country.

‘Wild Fork’ Launches in Canada with Plans to Open Storefronts in National Expansion [Interview/Renderings]

The innovative food company that delivers quality meat and seafood will open physical locations across the country.

Australia-Based Laser Clinics Secures Flagship Location in Toronto as it Launches Aggressive Expansion [Interview]

The concept is part of the world's largest cosmetic clinic group, and it will expand rapidly in the Canadian market after launching in Ontario last year.

Toronto-Based Retailer ‘Parpar Boutique’ Planning to Open More Stores with Expansion [Interview]

The retailer is unique in how it brings in new styles daily, creating a buzz and FOMO among customers.

Smaller Packages at Grocery Stores in Canada Amid ‘Shrinkflation’ Could Trigger Taxes at the Checkout [Op-Ed]

Sylvain Charlebois says that even more grocery items are expected to be taxed as brands reduce the size of certain food offerings below government thresholds.

Aberdeen Mall in Kamloops BC Adding New Retailers Including Tenanting Sears Box [Interview]

The popular shopping centre added retailers during the pandemic and continues to strategize its retail mix including remerchandising a former Sears space.

Upscale US-Based Women’s Fashion Brand Veronica Beard Expands into Canada with 1st Store in Toronto

Another international brand has entered the Canadian market, spelling confidence in brick-and-mortar retail in this country.

Luxury Brand Concessions at Nordstrom in Canada Shutter Ahead of Retailer’s Exit

Several major brands leased space within Nordstrom stores and the boutique spaces shuttered over the weekend.

Nordstrom to Exit Canada Discussion: Craig Patterson & Lee Rivett [Podcast]

Craig and Lee talk about the closure announcement of Nordstrom shutting its Canadian stores. Included in the discussion is how we found out, what might be done with Nordstrom's stores in Canada, and why the retailer made the shocking move.

Why Nordstrom Failed in Canada: Interview with Lisa Hutcheson of J.C. Williams Group

The retail industry expert also discusses learnings on retail innovation from EuroShop 2023.

Vancouver-Based Brand DUER to Double Store Count in 2023 [CEO Interview]

Stores act as a community hub for the brand which is seeing rapid growth across its channels.

Uniqlo to Enter Ottawa Market with Ongoing Canadian Store Expansion

The Japanese fast-fashion retailer is targeting major cities across the country as it enters new markets with stores.

SAXX Underwear Launches 1st Immersive Shop-in-Store at Hudson’s Bay Flagship in Toronto [Interview/Photos]

The pandemic put an earlier launch on hold for the brand which is now looking to open more retail locations in Canada.

Holt Renfrew to Relocate Standalone Men’s Store on Toronto’s Bloor Street Back into Flagship

The standalone Holt Renfrew Men opened in 2014 in a former Roots location, about 500 feet west of the 50 Bloor flagship. Big changes are in store according to the retailer.

Canadian Women’s Undergarment Brand Knix Expanding Further with Stores and Significant Growth [Founder Interview]

Joanna Griffiths discusses the expansion of her brand which includes product innovation and physical stores as well as robust e-commerce.

Upscale Women’s Retailer Andrews Relocated Yorkville Village Store to New Space [Interview]

The relocation follows Andrews' opening of a store in Oakville as it curates fashion lines catering to a range of female customers.

CrossIron Mills Near Calgary Sees Strong Leasing Activity with New Tenants Added [Interview]

It's been an incredibly active year according to James Moller of JLL, noting that the next space to deal with is a soon to be vacated Bed Bath & Beyond.

Birks Investing in Stores Including Relocating CF Chinook Centre Location in Calgary [Interview]

CEO Jean-Chrisophe Bédos tells Retail Insider that the jeweller sees an upside to luxury retail in Canada, particularly in five major markets.

Badass Fitness Experience With A FightClub Meets NightClub Vibe [Interview]

Cissy Chen, founder of Rumble Boxing Studio, discusses her growing business at a time when fitness studios struggle following the pandemic.

Zellers Reveals Opening Dates for Alberta and Ontario Stores

Zellers will be opening its first locations in Ontario and Alberta and launching its ecommerce platform later this month.