Wright said Vend’s staff will continue to work from the Auckland office at this stage. “Whether long-speed we stay in this location, or need somewhere bigger or somewhere different, that remains to be seen.” Vend currently employs around 150 staff, all of whom had options in the company and would benefit from the sale, Wright said. Vend has been in serious talks with Lightspeed since last year, though the two companies have known about each other for “a long time”, Fergusson said. The acquisition of Vend doubles Lightspeed s customer base in Asia-Pacific. Lightspeed bills itself as a leading provider of cloud-based, omnichannel commerce platforms.
Lightspeed to acquire Vend for $350 million
Lightspeed POS is set to acquire Vend, a retail management software company based in New Zealand, for approximately $350 million USD in a cash and stock deal.
The companies have entered into a definitive agreement, and the deal is set to close at the end of April. The proposed transaction would consist of $192.5 million in cash and the issuance of subordinate voting shares in the capital of Lightspeed, totalling $157.5 million.
The deal would approximately double Lightspeed’s customer base in the Asia-Pacific.
In a statement, Lightspeed noted the proposed deal is intended to strengthen Lightspeed’s global retail base, particularly in the Asia-Pacific. The deal would approximately double Lightspeed’s customer base in that region. Following the closing of the deal, Lightspeed would have over 135,000 customer locations globally.
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Omnichannel commerce leader grows customer base by more than 20,000 customer locations worldwide, entrenches leadership position in Asia-Pacific
MONTREAL, March 11, 2021 /PRNewswire/ - Lightspeed POS Inc. (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced it has entered into a definitive agreement to acquire
VendLimited (Vend), a cloud-based retail management software company. The acquisition strengthens Lightspeed s global retail base and reinforces the company as a premier omnichannel retail platform worldwide for high-performing small and medium-sized businesses.
The acquisition also builds on Lightspeed s foothold in Asia-Pacific, approximately doubling the company s customer base and expanding its retail footprint in that region. The combination of Lightspeed with the talent and technology of Vend, widely acknowledged as providing one of the foremost retail products on the mark
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Christchurch based software developer Seequent is being sold to American company Bentley Systems for about $1.4 billion.
Seequent has developed software used to analyse beneath-ground conditions for building infrastructure projects such as tunnels.
The company has more than 400 staff around the world, and earns only a small portion of its more than $100m revenue a year domestically. This is exciting news for Seequent and clearly shows huge confidence in the company s future direction and success. Bentley Systems is fully supportive of Seequent s strategy and direction and has stressed its determination to leave Seequent intact as a company to allow it to continue on its current growth path, the company said in a statement.