- General
- November 7, 2020
- 4 minutes read
Lightspeed Buys ShopKeep
Dax Dasilva, CEO, Lightspeed POS.Photo credit: fiertemontrealpride, licensed under CC BY 2.0 Lightspeed, a publicly-traded Canadian payments company, has announced that it’s reached…
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| Dax Dasilva, CEO, Lightspeed POS. Photo credit: fiertemontrealpride, licensed under CC BY 2.0 |
Lightspeed, a publicly-traded Canadian payments company, has announced that it’s reached a deal to acquire ShopKeep, a New York-based point-of-sale payments company. Lightspeed will pay $440 million for ShopKeep consisting of $145.2 million in cash and the rest in stock. The acquisition price is nearly 9x ShopKeep’s annual revenue of $50 million.
The acquisition marks a significant win for ShopKeep, which has raised $137 million in outside funding since its founding in 2008. Among investors who stand to profit from ShopKeep’s acquisition include the likes of Salesforce Ventures, TTV Capital, and Tribeca Venture Partners.
Lightspeed expects ShopKeep’s acquisition to be completed before the end of this year.
ShopKeep is a point-of-sale payments platform used by over 20,000 retailers and restaurants in the US. It’s a software suite for processing and managing payments directly on an iPad. Lightspeed also is a provider of point-of-sale systems but is used in over 100 countries. The Canadian company went public just in September this year and has already made use of its shares to finance a major acquisition.
Lightspeed has a market value of around C$4.6 billion ($3.5 billion) and is coughing up a significant amount of its equity to acquire ShopKeep
