Level-of-sale vendor Lightspeed is buying rival ShopKeep in a $440 million deal that alerts additional consolidation within the trade. Lightspeed mentioned the acquisition will speed up its progress as an rising class chief following its latest preliminary public providing.
Each Lightspeed and ShopKeep develop POS expertise for small and medium sized companies, with portfolios geared towards retailers and eating places.
Lightspeed presents specialised point-of-sale programs for eating places, retail, and e-commerce operations. Its cloud-based software program lets companies handle stock and advertising and marketing, monitor gross sales, handle staff, and course of funds. The software program additionally works with third-party platforms for added advertising and marketing, buyer loyalty, and worker administration capabilities.
Lightspeed went public on the New York Inventory Alternate in September, elevating over $397 million.
ShopKeep, in the meantime, is an iPad-based point-of-sale system for retailers and eating places that additionally manages buyer info, advertising and marketing, stock, employees, and funds. Further options embody custom-made reviews, the power to view gross sales by the hour and to trace high clients, labor monitoring, shift summaries, and efficiency reviews.
Based mostly in Montreal, Canada, Lightspeed mentioned the acquisition will instantly expands its US market share, and permit for elevated funding in gross sales, advertising and marketing, and analysis and growth. When the acquisition closes, Lightspeed expects to have over 100,000 buyer places worldwide, producing roughly $33 billion USD in gross transaction quantity.
“ShopKeep’s dedication to enabling unbiased companies to dream huge and rise above trade and financial challenges is deeply aligned with our personal mission to energy the way forward for commerce,” mentioned Lightspeed CEO Dax Dasilva. “This acquisition will convey ShopKeep retailers, small and medium-sized companies that make up the spine of the U.S financial system, into the Lightspeed household, offering them much more essential product innovation and world-class assist as they drive the reinvention of American commerce.”