ShopKeep, the integrated POS solution provider, has agreed to be acquired by Montreal-based Lightspeed. The acquisition is for $440M in a cash and stock deal based on Lightspeed’s current stock price. The cash component of the deal is for $145.2M. “We believe uniting with Lightspeed highlights and amplifies our shared vision to deliver industry-leading commerce enablement for small and medium-sized businesses,” said Michael DeSimone, CEO of ShopKeep. “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 today’s customers.”
Founded in 2008 by Amy Bennett, David Olk, and Jason Richelson, ShopKeep had raised a total of $137.2M in reported equity funding with the company’s last round taking place in December of 2018 led by Tribeca Venture Partners. Other investors in the company include Canaan Partners, Salesforce Ventures, Tribeca Venture Partners, Contour Venture Partners, TTV Capital, Thomas Glocer, Activant Capital, Matt Coffin, Thayer Street Partners, First Data, and ORIX Growth Capital. ShopKeep did $50M in revenue in the trailing twelve months ending in September and this transaction is expected to close by the end of the year. Lightspeed went public in 2019 and is currently trading just off its 52 week high.
“ShopKeep’s commitment to enabling independent businesses to dream big and rise above industry and economic challenges is deeply aligned with our own mission to power the future of commerce,” said Dax Dasilva, Founder and CEO of Lightspeed. “This acquisition will bring ShopKeep merchants, small and medium-sized businesses that make up the backbone of the U.S economy, into the Lightspeed family, providing them even more crucial product innovation and world-class support as they drive the reinvention of American commerce.”