There's a huge runway for Lightspeed to grow: CEO
MONTREAL - Lightspeed POS Inc. is spending another US$430 million to expand its reach in the U.S., this time by acquiring U.S. restaurant and management software company Upserve Inc.
The Montreal-based company says the addition of Upserve will accelerate product innovation and advancement of its analytics-driven commerce platform to help the restaurant industry adjust to dining needs “made permanent” by the COVID-19 pandemic.
The deal announced after markets closed includes US$123 million in cash and up to 5.9 million in Lightspeed voting shares.
It comes less than a month after it acquired ShopKeep Inc., a New York cloud commerce platform provider for US$430 million in cash and shares.
Upserve adds 7,000 customer locations and about $40 million in annual revenues.
Upserve CEO Sheryl Hoskins says the union with Lightspeed will help North American restaurateurs to deliver superior guest experiences and make them wildly successful.