The acquisition strengthens Lightspeed’s position as an industry leader with high-performing restaurateurs across the United States as those restaurants refine the digital dining experience. [Read more…] about Lightspeed Acquires Restaurant Software Company Upserve
This acquisition reinforces Lightspeed’s status as a clear category leader for complex retailers and restaurateurs seeking to modernize their operations as the global economy undergoes unprecedented digital acceleration.
COVID-19 is forcing independent businesses to urgently replace legacy point-of-sale systems in order to remain operational and safely adapt to evolving consumer behaviors. 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 locations1 worldwide, generating approximately $33 billion USD in gross transaction volume (GTV) .
“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 GTV, 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.”
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Toronto’s Foxquilt has raised a $3.5 million seed round.
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Montreal’s Flinks has closed an $11 million Series A financing round to fuel the company’s growth in data connectivity and digitization in the financial services industry. [Read more…] about Flinks Raises $16 Million To Accelerate Digitization Of The Financial Services Industry
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Toronto-based challenger bank STACK has been acquired by San Francisco’s Credit Sesame. [Read more…] about STACK Acquired by Credit Sesame
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Lightspeed has released its financial results for the fiscal fourth quarter and full fiscal year, both ending March 31, 2020. [Read more…] about Lightspeed Revenue Grows 70% Amid COVID-19 Crisis
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