“Lightspeed will acquire Vend for total estimated consideration of approximately $350 million, satisfied by way of payment on closing of approximately $192.5 million in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately $157.5 million,” the release stated.
The deal is expected to close by the end of April, according to the release.
The acquisition will help Lightspeed build its foothold in the Asia Pacific area, where it will double its customer base and boost its retail footprint, the release stated.
The acquisition will give the Vend customer base access to other solutions brought by Lightspeed, including Lightspeed Payments, Lightspeed eCommerce, Lightspeed Loyalty, as well as future access to the Lightspeed Supplier Network, according to the release.
The acquisition also means Lightspeed will now serve as the technology partner for over 135,000 customer locations, with small- to medium-sized businesses (SMBs) turning more often to digital and cloud-based solutions. Lightspeed also recently bought ShopKeep, and the acquisition of Vend will further help it keep up with state-of-the-art tech, the release stated.
“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 Lightspeed Founder and CEO Dax Dasilva in the release. “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 debuted its Lightspeed Supplier Network in January, PYMNTS reported, to bring together merchants.
“This new tool enables independent businesses to discover new products, more easily sell online and make better use of their capital to strategically increase order frequency,” Dasilva said at the time.
The direct connection between the companies and brands will make for a vendor system for retailers that updates on its own. Cloud-based tech will help implement simpler order management tactics and automated shipment handling.