Landmark deal cements Lightspeed as a category
leader for complex SMBs in the United
States as economy undergoes unprecedented digital
acceleration
MONTREAL, Nov. 25, 2020 /PRNewswire/ - Lightspeed POS
Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based,
omnichannel commerce platforms, today announced the closing of the
previously-reported acquisition of ShopKeep Inc. (ShopKeep), a
leading cloud commerce platform provider based in New York City. Lightspeed finalized the
acquisition for consideration of $145.2
million in cash and the issuance of 7,437,397 subordinate
voting shares in the capital of Lightspeed, subject to customary
post-closing adjustments. Lightspeed has also assumed ShopKeep's
stock option plan, with the outstanding stock options thereunder
converting into options to purchase 1,254,534 subordinate voting
shares in the capital of Lightspeed.
With the closing of this acquisition, Lightspeed now serves over
100,000 customer locations worldwide, generating approximately
$33 billion in gross transaction
volume1 annually, in each case as of September 30, 2020.
RBC Capital Markets acted as advisor to Lightspeed on the
transaction.
About Lightspeed
Lightspeed (NYSE and TSX: LSPD) powers complex small and
medium-sized businesses with its cloud-based, omnichannel commerce
platforms in over 100 countries. 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. Its product suite
enables SMBs to sell across channels, manage operations, engage
with consumers, accept payments and ultimately grow their
business.
Headquartered in Montreal,
Canada, Lightspeed is trusted by favorite local businesses
worldwide, where communities go to shop and dine. Lightspeed has
staff located in Canada,
USA, Europe, and Australia.
Forward-Looking Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"). Forward-looking
statements are statements that are predictive in nature, depend
upon or refer to future events or conditions and are identified by
words such as "will", "expects", "anticipates", "intends", "plans",
"believes", "estimates" or similar expressions concerning matters
that are not historical facts. Such statements are based on current
expectations of the Company's management and inherently involve
numerous risks and uncertainties, known and unknown, including
economic factors. A number of risks, uncertainties and other
factors may cause actual results to differ materially from the
forward-looking statements contained in this news release,
including, among other factors, those 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 Committee, all of which are available under
our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
Readers are cautioned to consider these and other factors carefully
when making decisions with respect to Lightspeed's subordinate
voting shares and not to place undue reliance on forward-looking
statements. Forward-looking statements contained in this news
release are not guarantees of future performance and, while
forward-looking statements are based on certain assumptions that
the Company considers reasonable, actual events and results could
differ materially from those expressed or implied by
forward-looking statements made by the Company. Except as may be
expressly required by applicable law, Lightspeed does not undertake
any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
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1Gross
transaction volume means the total dollar value of transactions
processed through Lightspeed's and ShopKeep's cloud-based SaaS
platform in the period, net of refunds, inclusive of shipping and
handling, duty and value-added taxes. It does not represent revenue
earned by Lightspeed and ShopKeep.
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SOURCE Lightspeed POS Inc.