MONTREAL, March 11, 2021 /CNW Telbec/ - Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced it has entered into a definitive agreement to acquire VendLimited (Vend), a cloud-based retail management software company. The acquisition strengthens Lightspeed’s global retail base and reinforces the company as a premier omnichannel retail platform worldwide for high-performing 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.
Subsequent to the closing of the acquisition, Lightspeed will serve as the technology partner of choice for over 135,0001 customer locations2 worldwide as small and medium-sized businesses increasingly turn to the company’s innovative, cloud-based platforms ahead of highly-anticipated economic reopenings in both the retail and hospitality industries…
VendLimited, based in NZ, has a big footprint in Australia and New Zealand, where COVID rates have been near zero for quite a while. That would seem positive for products like LSPD’s whom works with many restaurants and other businesses that will benefit from from a more open economy and cities, as lockdowns and quarantines end. $350 million to double their customer base in the Asia Pacific region, sounds pretty reasonable.
Several analysts have either reiterated their buy ratings or upgraded and increased price targets this morning. The stock is currently up about 5%, while most tech stocks are down today, so the market seems to like this acquisition.