According to the press release, 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.
Furthermore, the combination of Lightspeed with the talent and technology of Vend, 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.
Overall, Vend generated revenue of approximately USD 34 million and GTV3 of more than USD 7 billion in the trailing twelve month period ending 31 December 2020. Lightspeed will acquire Vend for total estimated consideration of approximately USD 350 million, satisfied by way of payment on closing of approximately USD 192.5 million in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately USD 157.5 million.
The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close towards the end of April 2021, subject to the receipt of applicable regulatory approvals.
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