Lightspeed acquires Gastrofix
E-commerce technology company Lightspeed POS Inc. announced on Tuesday a deal to buy German point-of-sale company, Gastrofix, for over $100 million.
The acquisition will allow Lightspeed to better serve European merchants, as they transition to the cloud. In fact, with the addition of Gastrofix's over 8,000 customer locations, Lightspeed will now have the capacity to serve merchants and restauranteurs in all key regions across Europe, namely in countries such as Germany, Austria and Norway.
The over $100-million deal for the cloud-based hospitality POS solutions provider is comprised of $61 million USD in cash and $40 million USD in shares.
The acquisition builds on the growth momentum of the Montreal-based e-commerce firm that went public on the Toronto Stock Exchange last year.
It has since bought Australian POS software firm, Kounta, as well as the Swiss firm, iKentoo, and Chronogolf, which offers a solution for golf course operators.
"The addition of Gastrofix to our team further solidifies Lightspeed as a leader in cloud-based POS technology and establishes our immense footprint powering SMBs across the globe," said Dax Dasilva, founder and CEO of Lightspeed, in a news statement.
"We are proud to welcome Gastrofix's passionate employees to Lightspeed. Together, we will create new opportunities for hospitality businesses to reach their highest growth potential amidst shifts in the industry.
The acquisition also includes the addition of offices in Berlin and Hamburg, bringing Lightspeed's footprint to nine European offices including a presence in Amsterdam, Ghent, London, Geneva, Lausanne, Zurich, and Paris.
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