Lightspeed POS Just Announced Acquisition Of Upserve
Lightspeed went public in Canada last year before recently debuting on the New York Stock Exchange and acquiring another point-of-sale company, ShopKeep, for $440 million. With the Upserve acquisition, Lightspeed will pay $123 million in cash, along with stock that will bring the total deal size to around $430 million (Lightspeed’s footprint grows by 7,000 locations).
Upserve was founded back in 2009 as Swipely and brought in $40 million in revenue during the 12-month period ending on September 30.
“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 Lightspeed founder and CEO Dax Dasilva in a statement. “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.”
Press releases claim that Lightspeed and Upserve’s teams and technologies will “enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic.”