Montreal-based Lightspeed POS announced that it is acquiring VendLimited (Vend), a New Zealand cloud-based retail management software company. The acquisition aims to strengthen Lightspeed’s global retail base while reinforcing it as a premier global omnichannel retail platform for small and medium-sized businesses.
The acquisition is significant — it doubles Lightspeed’s customer base and expands its retail footprint in the Asia-Pacific region. When the acquisition closes, Lightspeed will serve as technology partner for over 135,000 customer locations worldwide as small and medium-sized businesses increasingly turn to the company’s innovative cloud-based platforms. Building on the acquisition of ShopKeep last year, Lightspeed says that it intends to leverage Vend’s complementary modern technology stack and user experience capabilities to continue to deliver the most advanced commerce capabilities to retailers around the world.
The Lightspeed acquisition will ultimately provide Vend’s customer base access to the company’s broader commerce solutions including Lightspeed Payments, Lightspeed eCommerce, Lightspeed Loyalty, as well as future access to the Lightspeed Supplier Network among others.
“Lightspeed’s mission is to ignite the potential of businesses to enrich the communities they serve, whether they are beloved local neighborhoods or the thriving metropolitan cities we are eager to see bustling with crowds once again,” said Dax Dasilva, Founder and CEO of Lightspeed, who went on to say, “We are thrilled to partner with Vend, a team that matches Lightspeed’s passion for retail. That combined drive will position our global retail base of high-performing businesses for success as they emerge from a truly transformational period in the history of modern commerce.”
Ana Wight, CEO of Vend, said, “Lightspeed’s global excellence and commitment to community is inspirational to Vend. By joining forces, we will power the global transformation of retail and pour our unparalleled collective efforts into the success of our retailers at this pivotal moment in our industry. As a New Zealand-based company, we’re proud to be globally recognized for the product and company we have built and are excited about this next step in our journey.”
Lightspeed will acquire Vend for total estimated consideration of approximately $350 million, which will involve payment on closing of approximately $192.5 million in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately $157.5 million. The deal is expected to close towards the end of April 2021, subject to the receipt of applicable regulatory approvals.
Lightspeed powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. Its smart scalable point of sale systems provide all-in-one solutions that drive innovation and digital transformation within the retail, hospitality and golf industries. Lightspeed’s product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments and ultimately grow their business.
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