(Ticker: LSPD) Upserve Jul 2020 - Jul 2021 1 year 1 month. Lightspeed anticipates the acquisition will accelerate product innovation and boost its analytics commerce platform. (Image credit: Lightspeed) POS solution provider Lightspeed has made another acquisition with the point-of-sale market continuing to consolidate. Lightspeed is a provider of POS platform for stores and restaurants. The deal sees the two tech teams merge, meaning that more Upserve features will be heading over to Lightspeed and vice versa. 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. Together we look forward to empowering North American restaurateurs to deliver superior guest experiences and make them wildly successful.. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. Lightspeed Announces Acquisition of Upserve to Further Omnichannel Revolution of American Restaurant Industry PR Newswire MONTREAL. 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. Index, Data Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. Medium [23], Swipely was named one of Forbes magazine's Americas Most Promising Companies in 2013. 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. 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. That's not necessarily a bad thing, though, Lightspeed is used in more than 100 countries around the world by loads of businesses. Yes, all former Upserve integrations will remain operational. However, over time, we'd imagine that Upserve's plans will become merged with Lightspeed's. Upgrade your Lightspeed system with new terminals, handhelds and more. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! Number 8860726. Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed! Lightspeed has been busy of late re-shaping the POS market. BigCommerce and Square are both publicly listed companies, as well, with Square proving remarkably resilient during the pandemic. 06951544). [2] The company is the first Rhode Island-based firm on this Forbes list. Businesses, Social 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. Is this happening to you frequently? We regularly update our apps to keep business running smoothly for entrepreneurs like you. Yes, Upserve is now part of Lightspeed. 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. The deal comes on the heels of Lightspeeds November purchase of ShopKeep that is anticipated to close for $440 million. 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The strategic deal grows Lightspeeds mid-market hospitality footprint, adding over $40M in revenue and boosting overall GTV to more than $39B. Restaurant payments and analytics innovator Upserve is the latest company to be acquired by point of sale (POS) and ecommerce solutions firm Lightspeed. Since Upserve joined the Lightspeed family in late 2020, we've been combining our operations to become one company. We're so happy you liked! Reach us by phone or chat, or search our online resources. 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. 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. 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. Marketing Leadership. Restaurant management platform Upserve is the latest firm to join the Lightspeed family, as part of a deal being valued at around $430 million. Registered in England and Wales. "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. Lightspeed Restaurant (U-Series) Support 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Future US, Inc. Full 7th Floor, 130 West 42nd Street, "Customer Location" means a billing customer location for which the term of services have not ended, or with which we are negotiating a renewal contract. The move will help Lightspeed bolster its position in the industry as more restaurants turn to the digital side of the business, the release stated. 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. 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 . Restaurant management platform Upserve is. [5][6][7] Swipely was formerly a social network in which members shared their purchases with friends. The ShopKeep purchase happened in November, and Lightspeed agreed to it due to the pandemic's digital shift in payments. (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 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. 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. Upserve was founded back in 2009 as Swipely, one of several startups encouraging users to share their purchase information with friends. Now 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. Acquisition valued at approximately $440 million. "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 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. , . 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. Lightspeed powers top restaurants around the world. Upserve, a Lightspeed Company | 7,606 followers on LinkedIn. 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.. 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. To understand more about how we use cookiesor to change your preference and browser settings, please see our Cookie policy. RBC Capital Markets acted as financial advisor to Lightspeed on the transaction and William Blair acted as advisor to Upserve. [24] CEO Davis has also been included on the Forbes list of Americas Most Promising CEOs Under 35.[3]. Frequently asked questions How do I contact Lightspeed? [15], In 2020, Upserve was acquired by Lightspeed. The acquisition builds on Lightspeeds growth momentum following the companys listing on the New York Stock Exchange and the acquisition of. "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 July 2017, Upserve received a strategic investment of more than $100 million from Vista Equity Partners. Platforms, Subscription It has helped us track goals as well as being a completely integrated POS Future-proof your business with Lightspeeds one-stop restaurant management 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. A single unique customer can have multiple Customer Locations including physical and eCommerce sites. [22], In July 2018, Upserve announced the acquisition of Israel-based inventory management platform SimpleOrder. It then shifted its focus to providing business tools to the restaurant market. If you have an ad-blocker enabled you may be blocked from proceeding. Acquiring Organization: Lightspeed Commerce Lightspeed is a commerce platform for small and medium business. "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.". 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. Online Ordering: Visit lightspeedhq.com/upserve/online-ordering-terms-and-conditions. 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. When we learned most of our customers were restaurants, we pivoted to Upserve, acquiring Breadcrumb POS in 2016 and making it our own. The $430 million purchase was announced earlier this week, marking Lightspeed's 10th acquisition since it was founded in 2005. Vista Equity Partners is aninvestment firm focused on financing and forwarding software, data and technology-enabled startup businesses, headquartered in Austin, Texas. 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. Dive, Become Lightspeed acquired Upserve in December 2020. is now part of Lightspeed. [12], In 2017, Upserve expanded its Restaurant Management Platform by offering integrated online ordering through a partnership with Grubhub, as well as its own online ordering solution. When typing in this field, a list of search results will appear and be automatically updated as you type. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. Now it is grabbing Ecwid and another California company . News provided by Lightspeed POS Inc. May 20, 2021, 07:00 ET Fourth quarter revenue grew 127% YoY to $82.4M Fourth quarter GTV grew 76% YoY to $10.8B Lightspeed now maintains over 140,000. 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. Powering the world's best businesses, Lightspeed is the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer . ", "Through its analytics-based POS and restaurant management solutions, Upserve has been delivering actionable insights to restaurateurs for over a decade. Were always on the lookout for opportunities to partner with innovators and disruptors. Restaurant payments and analytics innovator Upserve is the latest company to be acquired by point of sale (POS) and ecommerce solutions firm Lightspeed. Lightspeed Restaurant (U-Series) POS (Breadcrumb) Login )", "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. 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. Payments, Grocery In 2020, Upserve was acquired by Lightspeed. 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. [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]. Lightspeed has been on a buying spree since it went public, acquiring Vend Limited, Shopkeep and Upserve over the past two years. ShopKeep's services are used by over 20,000 merchants, and the company has an annual gross transaction value of $7 billion. Strategic deal grows Lightspeed's mid-market hospitality footprint, adding over $40 million in revenue and boosting overall GTV to more than $39 billion. Picks, CE100 Itwent public in Canada last year before recently debuting on the New York Stock Exchange and acquiring another point-of-sale company, ShopKeep, for $440 million. RBC Capital Markets acted as financial advisor to Lightspeed on the transaction and William Blair acted as advisor to Upserve. 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. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. 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. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. 548M CAD (2022) DESCRIPTION. 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. [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. Coming together to serve the future of hospitality. 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. 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. 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. Together we look forward to empowering North American restaurateurs to deliver superior guest experiences and make them wildly successful.. 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.. For a full list of supported integrations visit lightspeedhq.com/restaurant/integrations. 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. Tracking fintech, banking & financial services innovations since 1994. Contact by email at [emailprotected], Partner, Co-head, National Capital Markets Practice, t. 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. 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. POS solution provider Lightspeed has made another acquisition with the point-of-sale market continuing to consolidate. Monitor; Level 2; Portfolio; Toplists; News; Forums; Menu ; . Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments and ultimately grow their business. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Pay Later, Cross-Border 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. 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. 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. Our apps, website and support team all remain in place and here for you. Management will host a conference call to discuss the transaction at 5:30 p.m. EST on December 1, 2020. Management hosted a conference call to discuss the transaction at 5:30 PM EST on December 1, 2020. Intelligence, Connected It also raised funding from Vista Equity Partners. It is Manager Upserve for the win 10 November 22, 2019 We use Upserve to track sales + as our POS for the restaurant. The company already offers cloud-based point-of-sale software for restaurants and other businesses. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. 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. 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. "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. Deep 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. Overview Acquired Organization: Upserve Upserve is the smart management assistant that puts everything restaurateurs need to know in one place. It's clear to us, at least, that Lightspeed is making a strong pitch for the very top of the POS market. 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. [14] Additionally, it introduced Upserve Marketplace, which is a curated hub of integrated restaurant technology for its customers to tie together disparate systems. 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 . Revenue. Lightspeed has completed an acquisition of Upserve, a restaurant management cloud-software company based in Rhode Island. 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. 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. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. 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. This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Payments, More Management hosted a conference call to discuss the transaction at 5:30 PM EST on December 1, 2020. In 2018, Upserve partnered with Resy to produce an industry-first POS integration to streamline reservations and table management. Please. Want to know more? 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. & Pharmacy, Healthcare UPDATE 04/01/2021: Nuvei has completed the acquisition of Base Commerce. How will my POS system change? In 2018, Upserve opened an office in Denver adding to its existing office locations in San Francisco and New York, along with headquarters in Providence, RI. 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. Lightspeed, which provides omnichannel cloud-based platforms, has acquired restaurant management cloud software company Upserve, according to a press release. 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. For more information, please visit: www.lightspeedhq.com On social media: LinkedIn, Facebook, Instagram, YouTube and Twitter, 1 Key performance indicator. For the best experience, upgrade to the latest Lightspeed apps. It is used in conjunction with Restaurant 365. Entering text into the input field will update the search result below. On December 1, 2020, Lightspeed POS Inc. (Lightspeed) acquired Upserve Inc. (Upserve), from Vista Equity Partners, for US$430 million. The $430 million purchase was announced earlier this week, marking Lightspeeds 10th acquisition since it was founded in 2005. Registered in England & Wales (no. Across the twelve-month period ending September 30, 2020, Upserve generated revenues of approximately $40 million. For the trailing twelve months, Upserve generated revenue of ~$40M. 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 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. 3Calculated in accordance with U.S. GAAP. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. 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. Big news in the world of Point of sale providers today as Lightspeed announces that it has purchased the restaurant-specific platform Upserve for more than $400 million. McCarthy Ttrault LLP advised Vista Equity Partners with a team led by Shevaun McGrath and Heidi Gordon that included Patrick Boucher. Upserve generated revenue of approximately $40 million for the trailing twelve-month period ending September 30, 2020. "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. According to the announcement, Upserve brought in $40 million in revenue during the 12-month period ending on September 30. NY 10036. Topics, Editors Get more delivered to your inbox just like it. December 1, 2020 05:30 PM ET. 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 . You won't notice any changes in your day-to-day. I managed Upserve by Lightspeed Point of Sale for restaurants: software for stationary iad POS terminals- iOS & Android, POS mobile app- iOS & Android . This website uses cookies for a range of purposes to help us understand your interests and improve the website. Through its analytics-based POS and restaurant management solutions, Upserve has been delivering actionable insights to restaurateurs for over a decade. Upserve became a portfolio company of Vista Equity Partners afterVista Foundation Fund III made an investment in Upserve in July 2017. 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. Entering a new era of collaboration for Lightspeed and Upserve, said Dax Dasilva, Founder and CEO of Lightspeed. It shifted its offerings to business tools around payments, marketing and loyalty, eventually rebranding as Upserve as it became increasingly focused on the restaurant market. Finovate is part of the Informa Connect Division of Informa PLC. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. All rights reserved. The webcast will be available live on the Investors section of the Company's website at https://investors.lightspeedhq.com. New York, The acquisition purports to boost Lightspeed's capabilities for complex inventory and multi-location sales. [13] In 2018, Upserve partnered with Resy to produce an industry-first POS integration to streamline reservations and table management. 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. Visit our corporate site. Announced Date Dec 1, 2020 Acquisition Type Acquisition Price $430M Acquisition Status Complete 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. We can still be reached via chat at help.upserve.com. | 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. Thrilled to be part of a team that was driven to thrive and grow rapidly during difficult . Is the Zoom Settlement Email Real or a Scam? Payments, Small & But what does this mean for you and your business? Copyright © 2007-2022 Finovate. The union of Lightspeed and Upserve will accelerate product innovation and the advancement of Lightspeed's analytics-driven commerce platform. Upserve CEO Sheryl Hoskins said the two companies plan to help North American restaurateurs deliver improved guest experiences, according to the release. In terms of pricing, again, we'd expect no immediate change. In truth, you're unlikely to notice any big difference right away, regardless of whether you're an Upserve or Lightspeed customer. 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. "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. Its end-to-end solutions unify inventory, customer management . 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. 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. Lightspeedis a leading provider of cloud-based, omnichannel commerce platforms based in Montreal, Quebec. 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. 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. Customer Locations. See "Key Performance Indicators.". Tom covers everything from cybersecurity, to social media, website builders, and point of sale software when he's not reviewing the latest phones. The union of Lightspeed and Upserve will accelerate product innovation and the advancement of Lightspeeds analytics-driven commerce platform. Lightspeed Restaurant (U-Series) Billing. t. 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. Our suite of solutions will continue to be supported and maintained, and you dont need to take any action. By using our website you accept the use of cookies. 20 Best Free and Paid Tools for Startups in 2023. See "Key Performance Indicators. 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. Presentation. from 8 AM - 9 PM ET. a "We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the . Lightspeed has staff located in Canada, USA, Europe, and Australia. 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. 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. Shopify became available to trade in 2015 and has proven to be a fairly strong long term stock option for many. Digital Gift Cards: Visit lightspeedhq.com/upserve/digital-gift-cards-terms-and-conditions 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. 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. The webcast was available live on the Investors section of the Companys website. 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. No forward-looking statement is a guarantee of future results. Originally founded under the name Swipely in 2009, the company rebranded to Upserve in 2016 to reflect the companys focus on the restaurant industry. , . +1 416-601-8176 Lightspeed bought Upserve for $430 . Learn how and when to remove this template message, "Groupon sells restaurant-tech business Breadcrumb to Upserve", Americas Most Promising CEOs Under 35., "Angus Davis Builds Upserve To Serve As Management Platform For America's One Million Restaurants", "Swipely Nabs $7.5 Million in Series A Funding for Social Spending (And to Attack Blippy! Please disable your ad-blocker and refresh. 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. 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. Watch this space. 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