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Lightspeed Acquires Vend for USD350 Million
Lightspeed has acquired Vend for USD350 million, to further strengthen the brand’s global expansion for retail cloud-based management.
Vend is a cloud-based, omnichannel retail management software platform, which was established in New Zealand.
This acquisition aims to fuel Lightspeed’s plans for expansion into Asia-Pacific, and double its customer base.
Vend generated revenue of approximately $34 million and GTV of more than $7 billion in the 12 months ending December 2020. Lightspeed has paid $192.5 million in cash as part of the transaction, with the issuance of subordinate voting shares at the value of approximately $157.5 million.
“Lightspeed’s global excellence and commitment to community is inspirational to Vend,” explained Ana Wright, the 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.”
As part of this acquisition, Lightspeed will serve as a technology partner for more than 135,000 SMBs and will leverage Vend’s technology to amplify its offering for retailers.
“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,” said Dax Dasilva, the Founder and CEO of Lightspeed.