Leading provider of cloud-based omnichannel commerce platforms, Lightspeed POS will acquire cloud-based retail management software company, Vend, to strengthen its global retail base and reinforce the company as a premier omnichannel platform for small and medium-sized businesses.
The acquisition also builds on Lightspeed’s foothold in Asia Pacific by doubling its customer base and expanding its retail footprint in the region.
Lightspeed will help further growth by providing the Vend customer base access to the company’s broader commerce solutions, such as Lightspeed Payments, LightSpeed ecommerce, Lightspeed Loyalty, as well as future access to Lightspeed Supplier Network.
Subsequent to the closing of the acquisition at the end of April, Lightspeed will serve as the technology partner of choice for over 135,000 customer locations worldwide. Building on the landmark acquisition of ShopKeep, Lightspeed intends to leverage Vend’s complementary modern technology stack and user experience capabilities to continue to deliver advanced commerce capabilities to retailers around the world.
Lightspeed founder and CEO, Dax Dasilva said the company’s mission is to ignite the potential of businesses to enrich the communities they serve.
“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.”
Vend CEO, Ana Wight said Lightspeed’s global excellence and commitment to community is inspirational.
“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 recognised 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, approximately $192.5 million in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately $157.5 million.