![]() This deal adds another 7,000 locations to Lightspeed’s roster. It’s an all-in-one restaurant management system that helps restaurants manage staff and handle marketing, bookings, and other tasks. Upserve, founded in 2009 as Swipely, is more than just a POS. And we all know that it’s going to come back to normal after the pandemic, and that’s where we’re hoping that we’re going to see an accelerator.” “But that is to our advantage, and that’s why we’ve managed to make these transactions at a good value. “Obviously, it’s been a bit choppy for restaurants…the GTV of Upserve has been a bit choppy,” he said. said as much on an investor call discussing the company’s recent acquisitions. Lightspeed’s President & Corporate Director Jean-Paul Chauvet Lightspeed POS Inc. It eliminates a rival and adds 20,000 locations, bringing Lightspeed’s total locations served to 100,000 worldwide.Īnd as noted, it’s a good time to scoop up rivals if you can. The rationale for the ShopKeep acquisition was pretty straightforward. ShopKeep got a similar deal, earning $145.2 million in cash and $295 million in stock. The Upserve deal involved $123 million in net cash, with the remaining $307 million in stock. Then, boom, shares are up 134% since February 28. ![]() The stock fell 10.6% through January and February. The pandemic has been good to Lightspeed’s share price. It’s notable that both the ShopKeep and Upserve deal were cash and stock deals, with both being much heavier on stock than cash. For example, helping restaurants adapt with order ahead technology or retailers with eCommerce. It’s done well through the pandemic by focusing on offering tools that help clients adapt to the new normal. Lightspeed, founded in 2005, is focused on three major verticals - golf, restaurants, and retail. This deal comes hot on the heels of Lightspeed’s acquisition of rival POS ShopKeep for $440 million. This week (a busy one for acquisitions and funding announcements), Lightspeed announced it will acquire restaurant-management solution Upserve in a $430 million cash and stock deal. With its stock price high, and assets relatively cheap, Lightspeed has made two acquisitions designed to upgrade its technology and expand its POS footprint. And the Canadian POS player Lightspeed has taken it to heart, in particular when applied to the battered restaurant space. With Upserve, restaurants gain an all-in-one, cloud-based solution to streamline operations, raise productivity, and gain valuable insights to improve customer retention, grow sales, and increase profits.Churchill once said, “Don’t let a crisis go to waste.” It’s a phrase that’s been dusted off in 2020. This makes it difficult to take their business to the next level, which is why Upserve was founded in 2009. ![]() For this reason, restaurateurs run on tight margins and lack enough time to get a handle on things like marketing, finance, the menu, and more. They will also gain access to stock options, pension plans, employee interest groups, free snacks, fitness credit, volunteer time off, and other perks as eligible.Īccording to Upserve, almost all restaurants employ fewer than 50 people and most are independent rather than part of a large chain. Qualified candidates who join Upserve by Lightspeed will become part of an international team of “Lightspeeders” fueled creatively by their differences and described as great, crazy, serious, and passionate. As it grows, the award-winning employer often posts flexible jobs, including remote opportunities with alternative schedules and part-time, flexible schedule jobs, in career fields like account management, food & beverage, sales, customer service, and internet & ecommerce. Upserve is a software company providing restaurant point-of-sale (POS) and management programs built to make restaurants “wildly successful.” Acquired as a division of POS and ecommerce software provider Lightspeed HQ in 2020, the company provides a platform used by more than 7,000 restaurants. Researched & Written by Emily March on the FlexJobs Team
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