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Jan 7, 2020

Lightspeed POS buys German firm Gastrofix for upwards of $164 million

Jeff Parent discusses Lightspeed POS

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MONTREAL -- Technology firm Lightspeed POS Inc. says it has reached a deal to buy German point-of-sale company Gastrofix for upwards of $164 million.

The deal for the cloud-based, hospitality-focused company includes $79.4 million in cash and $52.7 million in shares on closing, plus a further $19 million in cash and $12.7 million in shares if some performance conditions are met.

Montreal-based Lightspeed says the deal strengthens its presence in Europe and its capacity to offer services to merchants and restaurants in key regions across the continent.

It says Gastrofix, which has offices in Berlin and Hamburg, Germany, has over 8,000 customer locations, including luxury restaurants and hotels, and provides further cloud-based options in the region.

Shares in Lightspeed, which went public last March, were up $2.56, or 6.92 per cent, at $39.57 in early afternoon trading on the Toronto Stock Exchange.

Last year, the company bought Asia-Pacific focused Kounta Holdings Ltd., Swiss-based IKentoo, and Montreal-based Chronogolf as it expanded its offerings and global presence in the small and medium business market.

"The addition of Gastrofix to our team further solidifies Lightspeed as a leader in cloud-based POS technology and establishes our immense footprint powering SMBs across the globe," Lightspeed CEO Dax Dasilva said in a statement.