E-Commerce giant Lightspeed has announced the acquisition of fellow cloud-based platform Vend Limited in a deal worth $350 million.
Both platforms are widely used across the globe with bicycle retailers and so the buyout will see Lightspeed gain a broad range of small to medium size business accounts in the industry.
Existing Vend customers will now gain access to a broad range of Lightspeed products, such as the firm’s Payments, eCommerce and Loyalty solutions, as well as future access to the Lightspeed Supplier Network.
“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. “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.”
“Lightspeed’s global excellence and commitment to community is inspirational to Vend,” says Ana Wight, CEO of 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.”
The acquisition also builds on Lightspeed’s foothold in Asia-Pacific, approximately doubling the company’s customer base and expanding its retail footprint in that region.
Subsequent to the closing of the acquisition, Lightspeed will serve as the technology partner of choice for over 135,000 businesses.
The deal comes not too long after Lightspeed’s buyout of ShopKeep, a point of sale and payments systems provider.
The transaction is made up of $192.5 million in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately $157.5 million. The transaction is expected for approval and closure by the end of April.