Lightspeed will leverage Vend’s complementary technology stack and user experience capabilities to deliver advanced commerce capabilities to its growing roster of global clients. The acquisition will expand Lightspeed’s global retail base, which, following the acquisition will total close to 140,000 retail and hospitality customer locations worldwide. The acquisition also will strengthen Lightspeed’s foothold in Asia-Pacific, approximately doubling the company’s customer base in that region.
The deal is expected to close at the end of April 2021, subject to customary closing conditions, with Lightspeed paying approximately $192.5 million in cash and $157.5 million in the form of subordinate voting shares.
Vend generated revenue of approximately $34 million and gross transaction value of more than $7 billion in the trailing twelve-month period ending December 31st, 2020.
The acquisition of Vend follows just months after Lightspeed acquired cloud commerce platform provider ShopKeep in November 2020, a deal that expanded the company’s U.S. market share with the addition of 20,000+ retail and restaurant locations.
“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 in a statement. “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.”