Omnichannel commerce platform Lightspeed POS Inc. (NYSE & TSX: LSPD) today announced it has entered into a definitive agreement to acquire Kiwi made retail management software company Vend Limited (Vend).
The acquisition strengthens Lightspeed’s global retail base and reinforces the company as a premier omnichannel retail platform worldwide for small and medium-sized businesses.
The acquisition also builds on Lightspeed’s foothold in Asia-Pacific, approximately doubling the company’s customer base and expanding its retail footprint in that region.
The combination of Lightspeed with the talent and technology of Vend, widely acknowledged as providing one of the foremost retail products on the market, will help to further growth by ultimately providing the Vend customer base access to the company’s broader commerce solutions, such as Lightspeed Payments, Lightspeed eCommerce, Lightspeed Loyalty, as well as future access to the Lightspeed Supplier Network.
“Lightspeed’s global excellence and commitment to community is inspirational to Vend,” says Ana Wight, CEO of Vend.
“By joining forces, we will power the global transformation of retail and pour our unparalleled collective efforts into the success of our retailers at this pivotal moment in our industry. As a New Zealand-based company, we’re proud to be globally recognized for the product and company we have built and are excited about this next step in our journey.”
Lightspeed will acquire Vend for total estimated consideration of approximately USD $350 million, with approximately $192.5 million in cash and shares in Lightspeed valued at approximately $157.5 million.
Vend founder Vaughan Fergusson (formerly Rowsell) started the company in 2010.
Lightspeed says it intends to leverage Vend’s complementary modern technology stack and user experience capabilities to continue to deliver advanced commerce capabilities to retailers around the world.
“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 Dax Dasilva, Founder and CEO of Lightspeed. “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.”