Lightspeed POS to acquire ShopKeep

Lightspeed POS a provider of cloud-based, omnichannel commerce platforms, has entered into a definitive agreement to acquire ShopKeep, a cloud commerce platform provider.

COVID-19 is forcing independent businesses to urgently replace legacy POS systems in order to remain operational and safely adapt to evolving consumer behaviours. The scale achieved by the combination of Lightspeed and ShopKeep presents retail and restaurant business owners in the US with resources to pivot their operations. Lightspeed's analytics, loyalty, eCommerce, and payments modules, in addition to its multi-location solution, will offer ShopKeep's customer base the opportunity to boost their capabilities.

The acquisition immediately expands Lightspeed's US market share, allowing for increased investment in sales, marketing, and research and development to capitalize on the increasing demand for modern, cloud-based, omnichannel commerce solutions. Following the closing of the acquisition, Lightspeed will serve over 100,000 customer locations worldwide.

Lightspeed will acquire ShopKeep for a total estimated consideration of approximately USD 440 million, satisfied by way of payment on closing of USD 145.2 million in cash and the issuance of 9,500,000 subordinate voting shares in the capital of Lightspeed, subject to some adjustment mechanisms. The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close before the end of the company's quarter ending December 31, 2020.