Picks, CE100 Lightspeed acquired Upserve in December 2020. Upserve was founded back in 2009 as Swipely, one of several startups encouraging users to share their purchase information with friends. t. Lightspeed acquires restaurant software company Upserve for $430M Anthony Ha @ anthonyha / 2:25 PM PST December 1, 2020 Comment Image Credits: picture alliance / Getty Images Lightspeed POS. Lightspeed bought Upserve for $430 . Lightspeed is quickly emerging as a world-leading commerce platform for SMBs and partnering with them to deliver data-based insights through a single digital hub was a natural choice, said Upserve CEO Sheryl Hoskins. is now part of Lightspeed. TechRadar is part of Future US Inc, an international media group and leading digital publisher. Is the Zoom Settlement Email Real or a Scam? A convergence of the two companies teams and technology will provide independent restaurants in the United States, from fine-dine to multi-location fast-casual, one of the most competitive hospitality platforms on the market and enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic. Thena, a customer communications and intelligence platform that helps businesses manage customers on messaging platforms like Slack, has raised $5 million in Seed funding, co-led by Lightspeed and . Please disable your ad-blocker and refresh. Lightspeed has completed an acquisition of Upserve, a restaurant management cloud-software company based in Rhode Island. Lightspeed has been on a buying spree since it went public, acquiring Vend Limited, Shopkeep and Upserve over the past two years. Gross Transaction Volume. a Lightspeed agreed to pay around $440 million for the company, and the deal is expected to close by the end of the year, PYMNTS reported. Payments, More Shopify became available to trade in 2015 and has proven to be a fairly strong long term stock option for many. [24] CEO Davis has also been included on the Forbes list of Americas Most Promising CEOs Under 35.[3]. 3Calculated in accordance with U.S. GAAP. The strategic deal grows Lightspeeds mid-market hospitality footprint, adding over $40M in revenue and boosting overall GTV to more than $39B. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. New York, , a leading cloud commerce platform provider serving more than 20,000 customer locations. By using our website you accept the use of cookies. Our partnership sets the stage to help business owners navigate through challenging times, keep pace with rapid change and adapt quickly to meet the rising demands of todays customers, ShopKeep CEO Michael DeSimone said at the time. Restaurant payments and analytics innovator Upserve is the latest company to be acquired by point of sale (POS) and ecommerce solutions firm Lightspeed. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Commerce, Real-Time Lightspeed Restaurant (U-Series) Reports (HQ) Login If you have an ad-blocker enabled you may be blocked from proceeding. Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop and dine. Lightspeed is quickly emerging as a world-leading commerce platform for SMBs and partnering with them to deliver data-based insights through a single digital hub was a natural choice", said Upserve CEO Sheryl Hoskins. Upserve generated revenue of approximately $40 million for the trailing twelve-month period ending September 30, 2020. Acquiring Organization: Lightspeed Commerce Lightspeed is a commerce platform for small and medium business. This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. The merger between the two companies will expedite product innovation and help advance the analytics-driven commerce platform of Lightspeed. "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 Dax Dasilva, founder and CEO of Lightspeed, in the release. Frequently asked questions How do I contact Lightspeed? For the best experience, upgrade to the latest Lightspeed apps. Presentation. Lightspeed became a publicly traded company on the New York Stock Exchange in September this year (having also traded on the Toronto Exchange since 2019) and is up some 27 points in value since. Watch this space. The union of the two companies' teams and technology will provide independent restaurants in the United States, from fine-dine to multi-location fast-casual, one of the most competitive hospitality platforms on the market and enable the industry to more easily . Lightspeed has been busy of late re-shaping the POS market. Overview Acquired Organization: Upserve Upserve is the smart management assistant that puts everything restaurateurs need to know in one place. The partnership between Lightspeed and Upserve will grow the former companys reach by an additional 7,000 customer locations, which collectively generated more than $6 billion in gross transaction volume. Together we look forward to empowering North American restaurateurs to deliver superior guest experiences and make them wildly successful.. Online Ordering: Visit lightspeedhq.com/upserve/online-ordering-terms-and-conditions. Platforms, Subscription For more information, please visit: www.lightspeedhq.com On social media: LinkedIn, Facebook, Instagram, YouTube and Twitter, 1 Key performance indicator. BigCommerce and Square are both publicly listed companies, as well, with Square proving remarkably resilient during the pandemic. The deal sees the two tech teams merge, meaning that more Upserve features will be heading over to Lightspeed and vice versa. You won't notice any changes in your day-to-day. Combining forces with Upserve is a strategic next-step in Lightspeeds vision of providing the most advanced commerce platform to high-performing businesses around the world, said Dax Dasilva, Founder and CEO of Lightspeed. The webcast was available live on the, Investors section of the Companys website, 6 Ways to Run your Restaurants Smarter in 2023, Celebrating Womens Golf Day With Lightspeed Customers. "We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry," commented Dax Dasilva, Founder and CEO of Lightspeed. We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. We can still be reached via chat at help.upserve.com. Index, Data Entering text into the input field will update the search result below. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. The acquisition builds on Lightspeeds growth momentum following the companys listing on the New York Stock Exchange and the acquisition of. +1 416-601-7970 By using our website, you acknowledge the use of essential cookiesand consent to the use of non-essential cookies, as described in our Cookie Policy. A convergence of the two companies teams and technology will provide independent restaurants in the United States, from fine-dine to multi-location fast-casual, one of the most competitive hospitality platforms on the market and enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic. Heres how it works. Artifical (Image credit: Lightspeed) POS solution provider Lightspeed has made another acquisition with the point-of-sale market continuing to consolidate. Future-proof your business with Lightspeeds one-stop restaurant management platform. Russia Rejects 4-Day Week, Proposes Extra Day With No Pay, 47% of Business Leaders Consider Using AI Over New Hires, Vodafone Announces 11,000 Layoffs Globally, Check out Lightspeed's POS software and grab a 14-day free trial, Meta Cracks Down on Remote Work for Office Staff, Another Open Letter Pleading Tech to Mitigate the Risks of AI, Amazon Workers Protest Return-to-Office Policy with Walkout. Lightspeed is quickly emerging as a world-leading commerce platform for SMBs and partnering with them to deliver data-based insights through a single digital hub was a natural choice, said Upserve CEO Sheryl Hoskins. Cision Distribution 888-776-0942 According to the announcement, Upserve brought in $40 million in revenue during the 12-month period ending on September 30. , . Earlier this year, it debuted on the New York Stock Exchange and followed that up by purchasing rival e-commerce firm ShopKeep in a deal worth approximately $440 million. But what does this mean for you and your business? Were always on the lookout for opportunities to partner with innovators and disruptors. Is this happening to you frequently? Since Upserve joined the Lightspeed family in late 2020, we've been combining our operations to become one company. [15], In 2020, Upserve was acquired by Lightspeed. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", the negative of these terms and similar terminology. Combining forces with Upserve is a strategic next-step in Lightspeeds vision of providing the most advanced commerce platform to high-performing businesses around the world, said Lightspeed founder and CEO Dax Dasilva in a statement. Across the twelve-month period ending September 30, 2020, Upserve generated revenues of approximately $40 million. It has helped us track goals as well as being a completely integrated POS In July 2017, Upserve received a strategic investment of more than $100 million from Vista Equity Partners. However, over time, it's likely that restaurant-specific Upserve features, such as the dedicated training mode and bill-splitting, will find their way into Lightspeed's offering. Lightspeed acquired Upserve for estimated total consideration of $430 million, consisting of approximately $123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed, subject to customary post-closing adjustments. (Ticker: LSPD) Upserve Jul 2020 - Jul 2021 1 year 1 month. [18] In 2013, Upserve secured a $12 million Series B investment led by Shasta Ventures and raised a $20 million Series C led by the Pritzker Group[19] bringing the total funds raised to $40.5 million.[20]. With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality and golf industries. Pay Later, Cross-Border 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 Dax Dasilva, Founder and CEO of Lightspeed. Upserve has raised a total of $40.5 million from 14 investors, including Greylock and Vista Equity Partners. It then shifted its focus to providing business tools to the restaurant market. Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments and ultimately grow their business. +1 514-397-4237 Particularly, information regarding our expectations of future results, key performance indicators, market position, expected acquisition outcomes and synergies, products and features, performance, achievements, prospects or opportunities, the markets in which we operate and our and Upserve's customers is forward-looking information. Vista Equity Partners is aninvestment firm focused on financing and forwarding software, data and technology-enabled startup businesses, headquartered in Austin, Texas. Medium "We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry.". See "Key Performance Indicators.". Lightspeed (NYSE: NYSE: LSPD) is a Canadian cloud based omnichannel commerce platform that provides an all-in-one POS (Point of Sale) solution that helps restaurants, hospitality providers and. Registered Office: 1st & 2nd Floors, Wenlock Works, 1A Shepherdess Walk, London, N1 7QE, United Kingdom. ShopKeep's services are used by over 20,000 merchants, and the company has an annual gross transaction value of $7 billion. It means that Lightspeed is set to become an even better proposition as a POS software. As such, we are excited to announce that the Upserve suite of products will be getting a new look and a new name: Lightspeed Restaurant (U-Series).With this update, the design of Upserve POS and Back Office HQ will be updated to match other Lightspeed products. Webcast. Contact by email at [emailprotected], Aligned Data Centers completes investment in QScale, JCHX Mining Management Co. and Cordoba Minerals agree to jointly-develop the Alacrn Project in Colombia, JCHX Mining Management Co. and Cordoba Minerals agree to jointly-develop the Alacrn Project in, DIF Capital Partners acquires majority stake in Diverso Energy, Meta Platforms' successful defence against PCC's PIPEDA challenge. Upserve and Upserve POS became the premiere hospitality solution for business owners who wanted their systems and data to work harder for them while retaining crucial information about guest preferences. The webcast was available live on the Investors section of the Companys website. Now Contact by email at [emailprotected], t. The deal, which will see Upserve's team amalgamate into Lightspeed's, follows hot on the heels of Lightspeed's acquisition of ecommerce platform ShopKeep a week ago. )", "Social shopping sites high in data value", "Microsoft Purchase Of Tellme Adds Voice To Web Initiative", "You Could See Swipely's $7.5 Million Round On Blippy, But You Won't On Swipely", "Swipely Enters the Social Shopping Field", "In shoppers' online networks, privacy has no price tag", Swipely vs. LevelUp: Battle in Boston Over Customer Loyalty Tech., "Providence's data company Swipely now Upserve, reflecting focus on restaurateurs", "Grubhub pairs with Oracle Hospitality to streamline orders", "Resy rolls out a new suite of tools for restaurants", "Upserve offers seamless online ordering", "Lightspeed Announces Acquisition of Upserve to Further Omnichannel Revolution of American Restaurant Industry", Swipely Is Processing $250m in Payments all from Tiny Rhode Island., "Upserve, Providences restaurant-tech firm, lands major investment", "Competitor of R.I. restaurant tech firm Upserve raises $101M in financing", "Restaurant tech firm sets up at Denver Place", "Upserve Acquires Inventory Management Platform", Providence-based Swipely Named to Forbes List of Americas 'Most Promising Companies'", "Vista Invests in Restaurant Software Provider Upserve", "How restaurants know what you want to eat before you do", "Swipely hits its stride combining payments, analytics and loyalty", "Square Gives Loans to Restaurants Outside Network With Upserve", "Swipely Swaps Public Purchase-Sharing for Private Savings", "Swipely Is Now Upserve & It's Leaning on AI to Make Restaurants Smarter", "Now Processing $1B Annually, Swipely Announces A Partner Network To Support Growth", https://en.wikipedia.org/w/index.php?title=Upserve&oldid=1155457022, This page was last edited on 18 May 2023, at 07:03. The acquisition strengthens Lightspeeds position as an industry leader with high-performing restaurateurs across the United States as those restaurants refine the digital dining experience. The Platform is made up of restaurant-specific point of sale (POS) software, payments, and analytics, online ordering, loyalty, and marketing tools designed specifically for restaurants. Combining with Upserve will grow Lightspeed's position in the U.S. hospitality market by an additional 7,000 customer locations generating over $6 billion in GTV2 in the trailing twelve-month period ending September 30, 2020. Future US, Inc. Full 7th Floor, 130 West 42nd Street, Lightspeed Announces Acquisition of Upserve to Further Omnichannel Revolution of American Restaurant Industry PR Newswire MONTREAL. [5][6][7] Swipely was formerly a social network in which members shared their purchases with friends. At the center of the Upserve Platform is the cloud-based Upserve POS, a point of sale system that Upserve acquired from Groupon in 2016. Payments, Grocery We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry.. Combining with Upserve will grow Lightspeeds position in the U.S. hospitality market by an additional 7,000 customer locations generating over $6 billion in GTV in the trailing twelve-month period ending September 30, 2020. From October 2019 to October 2020, the company recorded approximately $40 million in revenue. For the trailing twelve months, Upserve generated revenue of ~$40M. The acquisition builds on Lightspeed's growth momentum following the company's listing on the New York Stock Exchange and the acquisition of ShopKeep, a leading cloud commerce platform provider serving more than 20,000 customer locations1. Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, announced December 1, 2020, it has acquired Upserve Inc., a leading restaurant management cloud-software company based in Rhode Island and a Vista Equity Partners portfolio company. The new integration will launch for Zoom Contact Center Shares of Vodafone dipped in response to the news, reaching 2023 Marketing VF Ltd. All Rights Reserved. Upgrade your Lightspeed system with new terminals, handhelds and more. Copyright © 2007-2022 Finovate. Tom covers everything from cybersecurity, to social media, website builders, and point of sale software when he's not reviewing the latest phones. Barclay has been writing about technology for a decade, starting out as a freelancer with ITProPortal covering everything from Londons start-up scene to comparisons of the best cloud storage services. ", "Through its analytics-based POS and restaurant management solutions, Upserve has been delivering actionable insights to restaurateurs for over a decade. When you purchase through links on our site, we may earn an affiliate commission. Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, announced December 1, 2020, it has acquired Upserve Inc., a leading restaurant management cloud-software company based in Rhode Island and a Vista Equity Partners portfolio company. However, over time, we'd imagine that Upserve's plans will become merged with Lightspeed's. [1], In 2013, Forbes magazine included Swipely in its list of the top 100 Americas Most Promising Companies.[2] Upserve's former CEO, Angus Davis, was named to Forbes list of Americas Most Promising CEOs Under 35.[3] In 2017, Upserve received a nine-figure investment from Vista Equity Partners to accelerate the platform's growth. Upserve has been featured in New York Times, Forbes, CBS This Morning, Wall Street Journal,[25] Inc., Entrepreneur, Boston Globe,[26] Thrillist, BostInno,[27] Quartz and RestaurantInsider. Upserve, which started life back in 2009 under the name Swipely, was one of the earliest apps to ask users to share their purchase information with others. This website uses cookies for a range of purposes to help us understand your interests and improve the website. Lightspeed powers top restaurants around the world. Management hosted a conference call to discuss the transaction at 5:30 PM EST on December 1, 2020. It's clear to us, at least, that Lightspeed is making a strong pitch for the very top of the POS market. Lightspeed bought Upserve for $430 million, consisting of approximately$123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed, which is subject to post-closing adjustments, the release stated. the company provides customers with a simple way to build, manage, and grow their retail, restaurant, or eCommerce business, and create a best-in-class customer experience. In 2018, Upserve partnered with Resy to produce an industry-first POS integration to streamline reservations and table management. We regularly update our apps to keep business running smoothly for entrepreneurs like you. "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 Dax Dasilva, Founder and CEO of Lightspeed. Tracking fintech, banking & financial services innovations since 1994. [13] In 2018, Upserve partnered with Resy to produce an industry-first POS integration to streamline reservations and table management. In the Upserve acquisition, Lightspeed will pay $123 million in cash, along with stock that will bring the total deal size to around $430 million. After that, he spent some time as the managing editor of an online outlet focusing on cloud computing, furthering his interest in virtualization, Big Data, and the Internet of Things. Lightspeed anticipates the acquisition will accelerate product innovation and boost its analytics commerce platform. Lightspeed is quickly emerging as a world-leading commerce platform for SMBs and partnering with them to deliver data-based insights through a single digital hub was a natural choice, said Upserve CEO Sheryl Hoskins. Lightspeed, which provides omnichannel cloud-based platforms, has acquired restaurant management cloud software company Upserve, according to a press release. Registered in England and Wales. That's not necessarily a bad thing, though, Lightspeed is used in more than 100 countries around the world by loads of businesses. MONTREAL, Dec. 1, 2020 /PRNewswire/ -Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced it has acquiredUpserveInc., a leading restaurant management cloud-software company based in Rhode Island and a Vista Equity Partners portfolio company. Marketing Leadership. Operational Highlights Total revenue of $133.2 million was up 193% year-over-year thanks to a combination of strong organic [3] growth and $62.5 million in revenue from the recent acquisitions of. Lightspeed Restaurant (U-Series) POS (Breadcrumb) Login Written by Tom Fogden Updated on May 4, 2021 Big news in the world of Point of sale providers today as Lightspeed announces that it has purchased the restaurant-specific platform Upserve for. By signing up you agree to receive content from us. We're so happy you liked! In 2020, Upserve was acquired by Lightspeed. [16], The Providence start-up[17] was the first Rhode Island-based software company to raise $7.5 million in Series A venture capital. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Now it is grabbing Ecwid and another California company . Upserve generated revenue of approximately $40 million3 for the trailing twelve-month period ending September 30, 2020. Number 8860726. Lightspeed is a provider of POS platform for stores and restaurants. December 31, 2019 Upserve is our main point of sale for our dinner only, seven days a week restaurant. [22], In July 2018, Upserve announced the acquisition of Israel-based inventory management platform SimpleOrder. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. We began our journey as Swipely in 2009, and set our sights on helping businesses make better decisions with data. The acquisition builds on Lightspeeds growth momentum following the companys listing on the New York Stock Exchange and the acquisition of ShopKeep, a leading cloud commerce platform provider serving more than 20,000 customer locations. Payments, Small & I managed Upserve by Lightspeed Point of Sale for restaurants: software for stationary iad POS terminals- iOS & Android, POS mobile app- iOS & Android . How will my POS system change? 20 Best Free and Paid Tools for Startups in 2023. We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry., Through its analytics-based POS and restaurant management solutions, Upserve has been delivering actionable insights to restaurateurs for over a decade. Our website uses cookies as further described in our cookie statement. Lightspeed has staff located in Canada, USA, Europe, and Australia. Point of sale platforms, which can look boring from the outside are seriously big business right now . [2] The company is the first Rhode Island-based firm on this Forbes list. Again, that's not necessarily a big deal, the two companies have fairly similar pricing structures already. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Lightspeed was already seeing growth after its listing on the New York Stock Exchange, the release stated, along with its acquisition of cloud commerce provider ShopKeep. December 1, 2020 05:30 PM ET. +1 416-601-8176 Please. Through its analytics-based POS and restaurant management solutions, Upserve has been delivering actionable insights to restaurateurs for over a decade. Contact by email at [emailprotected], Partner, Co-head, National Capital Markets Practice, t. McCarthy Ttrault LLP advised Vista Equity Partners with a team led by Shevaun McGrath and Heidi Gordon that included Patrick Boucher. It might appear strange to see a company throwing money around in the time of a global pandemic but, as smaller companies struggle (such as Upserve and ShopKeep) bigger companies often seize the opportunity to gobble them up. Check out Lightspeed's POS software and grab a 14-day free trial. Upserve, a Lightspeed Company | 7,606 followers on LinkedIn. Powering the world's best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer . Lightspeed Announces Acquisition of Upserve. Well, we can't be sure, but we'd wager that your familiar interface becomes increasingly more like Lightspeed's before, one day, you step back from your cash register to realize that you are, in fact, now using Lightspeed. In 2020, we announced that we had been acquired by Lightspeed, the one-stop commerce platform for merchants around the world to simplify, scale and provide exceptional customer experiences. The webcast will be available live on the Investors section of the Company's website at https://investors.lightspeedhq.com. Acquired by Lightspeed. Lightspeed, which provides omnichannel cloud-based platforms, has acquired restaurant management cloud software company Upserve, according to a press release. It is Manager Upserve for the win 10 November 22, 2019 We use Upserve to track sales + as our POS for the restaurant. Lightspeed Commerce Inc 13.3635 . Registered in England & Wales (no. Nvidia's latest AI model could revolutionize games development, Senegal restricts internet access amid protests over the arrest of opposition leader, 9 TV shows coming to Hulu in June that you won't want to miss. Car, Buy Monitor; Level 2; Portfolio; Toplists; News; Forums; Menu ; . POS solution provider Lightspeed has made another acquisition with the point-of-sale market continuing to consolidate. More broadly, the buyout represents the latest example of consolidation in the POS sector, a trend that has roots going back much further than the pandemic. Lightspeed Restaurant (U-Series) Support Lightspeed Restaurant (U-Series) Billing. Lightspeed POS (NYSE: LSPD) announces the acquisition of Upserve Inc., a leading restaurant management cloud-software company based in Rhode Island and a Vista Equity Partners portfolio. Our apps, website and support team all remain in place and here for you. Our website uses cookies as further described in our cookie statement. Its end-to-end solutions unify inventory, customer management . But what if you're an Upserve user? Deep A single unique customer can have multiple Customer Locations including physical and eCommerce sites. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed! NY 10036. The acquisition strengthens Lightspeed's position as an industry leader with high-performing restaurateurs across the United States as those restaurants refine the digital dining experience. The announcement revealing the details of the acquisition also stated that by working together, both Lightspeed and Upserve will be able to better assist the restaurant industry while it navigates the challenges of COVID-19. The ShopKeep purchase happened in November, and Lightspeed agreed to it due to the pandemic's digital shift in payments. Management will host a conference call to discuss the transaction at 5:30 p.m. EST on December 1, 2020. The $430 million purchase was announced earlier this week, marking Lightspeed's 10th acquisition since it was founded in 2005. No forward-looking statement is a guarantee of future results. Together we look forward to empowering North American restaurateurs to deliver superior guest experiences and make them wildly successful.. MONTREAL, May 25, 2023 Lightspeed Commerce Inc. (NYSE | TSX: LSPD) launches a series of new omnichannel features in its flagship Lightspeed Retail platform to help high GTV merchants weather the turbulent economy. The 11-year-old Upserve was sold to Lightspeed for $430 million in cash and stock last week, spurred by majority backer Vista Equity Partners. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Lightspeed acquires restaurant software company Upserve for $430M Visit our corporate site. | Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. Lightspeed, which provides omnichannel cloud-based platforms, has acquired restaurant management cloud software company Upserve, according to a press release. Reuters. In terms of pricing, again, we'd expect no immediate change. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. Lightspeed Restaurant (U-Series) Reports (HQ) Login, Lightspeed Restaurant (U-Series) POS (Breadcrumb) Login, lightspeedhq.com/upserve/digital-gift-cards-terms-and-conditions, lightspeedhq.com/upserve/online-ordering-terms-and-conditions, 6 Ways to Run your Restaurants Smarter in 2023, Celebrating Womens Golf Day With Lightspeed Customers. See "Key Performance Indicators. Upserve became a portfolio company of Vista Equity Partners afterVista Foundation Fund III made an investment in Upserve in July 2017. The way you use your system day-to-day isnt changing, it simply has a new look. MONTREAL, Dec. 1, 2020 /PRNewswire/ - Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced it has acquired Upse rve. "Gross Transaction Volume" or "GTV"means the total dollar value of transactions processed through our cloud-based SaaS platform in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. Tom Fogden is a writer for Tech.co with a range of experience in the world of tech publishing. [21] As of spring of 2018, thousands of restaurants use Upserve to manage relationships with more than 57 million active diners, process over $12 billion in annual sales, and serve over 36 million meals per month. Lightspeed acquired Upserve for estimated total consideration of $430 million, consisting of approximately $123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed, subject to customary post-closing adjustments. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Yes, Upserve is now part of Lightspeed. We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry., The announcement also claims that the combination of Lightspeed and Upserves teams and technologies will enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic., Commerce specialist Lightspeed POS raises $166M as it preps for an IPO in 2019, encouraging users to share their purchase information with friends, raised funding from Vista Equity Partners. 548M CAD (2022) DESCRIPTION. "We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the . Follow Lightspeed Commerce for the latest news and insights. On December 1, 2020,Lightspeed POS Inc. (Lightspeed) acquired Upserve Inc. (Upserve), from Vista Equity Partners,for US$430 million. Businesses, Social Topics, Editors Get more delivered to your inbox just like it. "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 Dax Dasilva, Founder and CEO of Lightspeed. We continue to provide solutions, including point of sale, ecommerce and payment processing to help new and growing businesses scale. MUMBAI, June 1 (Reuters) - Canadian investor Brookfield (BAM.TO) said on Thursday it had acquired a controlling stake in Indian solar-panel maker CleanMax Enviro Energy Solutions for $360 . The union of Lightspeed and Upserve will accelerate product innovation and the advancement of Lightspeeds analytics-driven commerce platform. Announced Date Dec 1, 2020 Acquisition Type Acquisition Price $430M Acquisition Status Complete Intelligence, Connected Conference details are below: When: December 1, 2020Time: 5:30 p.m. Eastern TimeUS/Canada Dial-in: (866) 211-3060International Dial-in: (647) 689-6576Conference ID: 7797338Replay: (800) 585-8367 or (416) 621-4642Live Audio Webcast: https://investors.lightspeedhq.com. Upserve, originally Swipely, provides a restaurant management platform which allows independent full-service restaurants to run and manage their entire business. ", 2 Key performance indicator. MONTREAL, May 30, 2019 /PRNewswire/ - Lightspeed POS Inc. ("Lightspeed" or the "Company") (TSX: LSPD), a leading provider of software, solutions and support systems to over 49,000 small and. [8][9][10], In February 2011, Swipely evolved into a loyalty platform for local merchants to reward repeat customers. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! Forward looking information may relate to our financial outlook, and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. from 8 AM - 9 PM ET. Coming together to serve the future of hospitality. The Upserve brand as we know it will dissolve;. It also raised funding from Vista Equity Partners. Greatest Hits and Favorite Moments from FinovateSpring 2023, Mphasis Forges Strategic Partnership with Conversational AI Platform Kore.ai, Bankers Helping Bankers Fund Invests in Digital Customer Engagement Specialist Agent IQ. Lightspeed bought Upserve for $430 million, consisting of approximately $123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of Lightspeed. Additionally, it introduced Upserve Marketplace, which is a curated hub of integrated restaurant technology for its customers to tie together disparate systems. For a full list of supported integrations visit lightspeedhq.com/restaurant/integrations. Written by Adam Rowe Updated on June 10, 2021 The point-of-sale and e-commerce software company Lightspeed will acquire competitor Vend for a deal worth $350 million $192.5 million in cash. In 2020, we announced that we had been acquired by Lightspeed, the one-stop commerce platform for merchants around the world to simplify, scale and provide exceptional customer experiences. Nuvei announced its intentions to purchase "substantially all of the assets" of Base Commerce, LLC, a provider of integrated payment solutions. Upserveis a leading restaurant management cloud-software company based in Providence, Rhode Island. Strategic deal grows Lightspeed's mid-market hospitality footprint, adding over $40 million in revenue and boosting overall GTV to more than $39 billion. UPDATE 04/01/2021: Nuvei has completed the acquisition of Base Commerce. By using our website you accept the use of cookies. RBC Capital Markets acted as financial advisor to Lightspeed on the transaction and William Blair acted as advisor to Upserve. Revenue. Lightspeed POS just announced the acquisition of Upserve, expanding Lightspeeds presence in the restaurant industry. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, under "Risk Factors" in our most recent Annual Information Form, and in our other filings with the Canadian Securities regulatory authorities and the U.S. Securities and Exchange Commission, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. , . Our commitment to independent small businesses remains the same. Restaurant management platform Upserve is the latest firm to join the Lightspeed family, as part of a deal being valued at around $430 million. Upserve CEO Sheryl Hoskins said the two companies plan to help North American restaurateurs deliver improved guest experiences, according to the release. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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Thrilled to be part of a team that was driven to thrive and grow rapidly during difficult . The union of Lightspeed and Upserve will accelerate product innovation and the advancement of Lightspeed's analytics-driven commerce platform. This, of course, is great if you're a restaurant that uses Lightspeed you're essentially getting all the best bits of Upserve without having to pay any extra. When typing in this field, a list of search results will appear and be automatically updated as you type. The unionof the two companies' teams and technology will provide independent restaurants in the United States, from fine-dine to multi-location fast-casual, one of the most competitive hospitality platforms on the market and enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic. "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 Dax Dasilva, Founder and CEO of Lightspeed. The deal is also supposed to grow Lightspeeds footprint by 7,000 locations. And they're already top choice for Retail POS. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, announced December 1, 2020. based in Rhode Island and a Vista Equity Partners portfolio company. The companys purchase of Upserve will also help Lightspeed reach an additional 7,000 U.S.-based clients in the hospitality industry. Originally founded under the name Swipely in 2009, the company rebranded to Upserve in 2016 to reflect the companys focus on the restaurant industry. The $430 million purchase was announced earlier this week, marking Lightspeeds 10th acquisition since it was founded in 2005. The deal comes on the heels of Lightspeeds November purchase of ShopKeep that is anticipated to close for $440 million. We're sorry this article didn't help you today we welcome feedback, so if there's any way you feel we could improve our content, please email us at contact@tech.co. Reach us by phone or chat, or search our online resources. To understand more about how we use cookiesor to change your preference and browser settings, please see our Cookie policy. Lightspeed acquired Upserve for estimated total consideration of $430m, consisting of approximately $123m in net cash and up to 5,895,365 subordinate voting shares in the capital of. Canadian company Lightspeed, a leading provider of cloud-based, omni-channel commerce platforms, on Tuesday announced it has acquired Providence-based Upserve Inc. for $430 million.. The company already offers cloud-based point-of-sale software for restaurants and other businesses. & Pharmacy, Healthcare "Together we look forward to empowering North American restaurateurs to deliver superior guest experiences and make them wildly successful.". Our suite of solutions will continue to be supported and maintained, and you dont need to take any action. Entering a new era of collaboration for Lightspeed and Upserve, said Dax Dasilva, Founder and CEO of Lightspeed. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. The combination, according to the release, will offer a new competitive method for small restaurants to help navigate the complex new restaurant world brought on by the pandemic. Lightspeed acquired Upserve for estimated total consideration of $430 million, consisting of approximately $123 million in net cash and up to 5,895,365 subordinate voting shares in the capital of . In Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where go. Damit einverstanden, Inhalte von uns zu erhalten management solutions, Upserve with... 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Vous consentez la rception de contenus de notre part Lightspeed reach an additional 7,000 clients! Better proposition as a POS software and grab a 14-day Free trial keep running. We 'd imagine that Upserve 's plans will become merged with Lightspeed 's immediate change making strong... In place and here for you and your business with Lightspeeds one-stop management... By other companies zu erhalten focused on financing and forwarding software, data and technology-enabled startup,... ], in July 2018, Upserve generated revenue of approximately $ 40 for. Field, a list of supported integrations Visit lightspeedhq.com/restaurant/integrations the restaurant market, it Upserve... At 5:30 PM EST on December 1, 2020 has an annual gross transaction value of $ 40.5 from! Company | 7,606 followers on LinkedIn: Nuvei has completed an acquisition of Upserve, according to the Pro! More delivered to your inbox just like it well, with Square proving resilient! Solutions will continue to provide solutions, including point of sale platforms, has acquired restaurant management platform grabbing and! Customer upserve acquired by lightspeed have multiple customer locations to streamline reservations and table management, vous consentez la rception contenus... Isnt changing, it introduced Upserve Marketplace, which is a guarantee future.
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