- Lightspeed has acquired Upserve, a restaurant management cloud software
- Lightspeed paid $430 Million, with $123 Million in net cash
- Recently, Lightspeed agreed to pay $440 Million to purchase ShopKeep
Lightspeed, which provides omnichannel cloud-based platforms, has acquired restaurant management cloud software company Upserve, according to a press release.
Lightspeed bought Upserve for $430 million, consisting of approximately $123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed. Apparently, this is subject to post-closing adjustments, the release stated.
The move will help Lightspeed bolster its position in the industry as more restaurants turn to the digital side of the business, the release stated.
Merger to provide fresh Experience to Restaurant’s Guests
The merger between the two companies will expedite product innovation and help advance the analytics-driven commerce platform of Lightspeed. Apparently, this combination will offer a new competitive method for small restaurants to help navigate the complex new restaurant world brought on by the pandemic.
“Combining forces with Upserve is a strategic next-step in Lightspeed’s vision of providing the most advanced commerce platform to high-performing businesses around the world,” said Dax Dasilva, founder and CEO of Lightspeed, in the release.
“We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry,” Dasilva added.
Upserve CEO said the companies plan to help North American restaurateurs deliver improved guest experiences.
Lightspeed’s Recent History
Lightspeed was already seeing growth after its listing on the New York Stock Exchange. The release stated so, along with its acquisition of cloud commerce provider ShopKeep.
The ShopKeep purchase happened in November, and Lightspeed agreed to it due to the pandemic’s digital shift in payments. Lightspeed agreed to pay around $440 million for the company. Also, the deal is expected to close by the end of the year.
ShopKeep’s services are used by over 20,000 merchants, and the company has an annual gross transaction value of $7 billion. The acquisition purports to boost Lightspeed’s capabilities for complex inventory and multi-location sales.
“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,” ShopKeep CEO Michael DeSimone said at the time.
