MONTREAL — Lightspeed POS Inc. says it has reached agreement on an acquisition valued at US$350 million that will beef up its presence in Asia-Pacific.
The Montreal-based e-commerce company says it will buy New Zealand-based VendLimited, a cloud-based retail management software company, that will about double its customer base and expand its retail footprint in the region.
The deal, expected to close by the end of April, will ultimately also give Vend customers access to Lightspeed's payments, e-commerce, loyalty and supply network products.
The company says it plans to leverage Vend's complementary modern technology and user experience capabilities to continue to deliver the most advanced commerce capabilities to retailers around the world.
Vend generated revenue of approximately US$34 million over the past year.
The purchase includes payment of about US$192.5 million in cash and the issuance of shares valued at about US$157.5 million.
This report by The Canadian Press was first published March 11, 2021.
Companies in this story: (TSX:LSPD)
The Canadian Press