Dive Brief:
- Lightspeed POS, a Montreal, Quebec-based company, has announced it will acquire Vend Limited, based in Auckland, New Zealand, for approximately $350 million. The deal is expected to close by the end of April.
- Lightspeed, a cloud-based point of sale system (POS), gains a retail software company with the acquistion. After the purchase, Lightspeed will be the technology partner for more than 135,000 customers.
- "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," Dax Dasilva, Founder and CEO of Lightspeed, said in the release.
Dive Insight:
Lightspeed will leverage Vend's complementary technology stack and experience with customers to deliver commerce capabilities to retailers around the world.
Currently, Lightspeed powers over 76,000 customers worldwide. The acquisition will increase that number, almost doubling the company's foothold in Asia-Pacific.
The acquisition will give Vend customers access to other Lightspeed services too, including Lightspeed Payments, Lightspeed eCommerce, Lightspeed Loyalty, and ultimately, its Lightspeed Supplier Network.
The addition may benefit Lightspeed as small and medium-sized businesses, especially those in the hospitality and retail, recover in tandem with the global economy following the pandemic.
"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," Dasilva said.
