Lightspeed expands U.S. reach, US$430-million purchase of restaurant, software firm

MONTREAL — Lightspeed POS Inc. is spending another US$430 million to expand its reach in the U.S., this time by acquiring U.S. restaurant and management software company Upserve Inc.

The Montreal-based company says the addition of Upserve will accelerate product innovation and advancement of its analytics-driven commerce platform to help the restaurant industry adjust to dining needs "made permanent" by the COVID-19 pandemic.

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The deal announced after markets closed includes US$123 million in cash and up to 5.9 million in Lightspeed voting shares.

It comes less than a month after it acquired ShopKeep Inc., a New York cloud commerce platform provider for US$430 million in cash and shares.

Upserve adds 7,000 customer locations and about $40 million in annual revenues.

Upserve CEO Sheryl Hoskins says the union with Lightspeed will help North American restaurateurs to deliver superior guest experiences and make them wildly successful.

"Combining forces with Upserve is a strategic next-step in Lightspeed's vision of providing the most advanced commerce platform to high-performing businesses around the world," said Lightspeed founder and CEO Dax Dasilva.

Meanwhile, Lightspeed announced that all outstanding multiple voting shares owned by Dasilva have been converted to subordinate voting shares on a one-for-one basis.

Dasilva owns 14.4 million shares, representing about 12.24 per cent of the voting power in the company.

This report by The Canadian Press was first published Dec. 1, 2020.

Companies in this story: (TSX:LSPD)

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