Lightspeed PoS, a Canadian provider of cloud-based, omnichannel commerce platforms, has acquired Vend, a New Zealand-based retail management software company, for $350m.

The acquisition strengthens Lightspeed’s global retail base and reinforces the company as an omnichannel retail platform worldwide for 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 should help to further growth by providing the Vend customer base access to the company’s broader commerce products, such as Lightspeed Payments, eCommerce and Loyalty, as well as future access to its supplier network.

Subsequent to the closing of the acquisition, Lightspeed will serve as the technology partner of choice for over 135,000 customer locations worldwide as small and medium-sized businesses increasingly turn to the cloud-based platforms ahead of re-openings in the retail and hospitality industries.

“Lightspeed’s mission is to ignite the potential of businesses to enrich the communities they serve, whether they are beloved local neighbourhoods or the thriving metropolitan cities we are eager to see bustling with crowds once again,” said Dax Dasilva, CEO of Lightspeed. “We are thrilled to partner with Vend, a team that matches Lightspeed’s passion for retail. That combined drive will position our global retail base of high-performing businesses for success as they emerge from a truly transformational period in the history of modern commerce.”

Building on the acquisition of ShopKeep, Lightspeed intends to leverage Vend’s complementary technology stack and user experience to continue to deliver commerce capabilities to retailers around the world.

“Lightspeed’s global excellence and commitment to community is inspirational to Vend,” said Ana Wight, CEO of Vend. “By joining forces, we will power the global transformation of retail and pour our unparalleled collective efforts into the success of our retailers at this pivotal moment in our industry. As a New Zealand-based company, we’re proud to be globally recognised for the product and company we have built and are excited about this next step in our journey.”

Vend generated revenue of approximately $34m and gross transaction volume of more than $7bn in the twelve months ending December 2020. Lightspeed will acquire Vend for a total estimated consideration of approximately $350m, satisfied by way of payment on closing of approximately $192.5m in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately $157.5m.

The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close towards the end of April, subject to the receipt of applicable regulatory approvals.

Lightspeed powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in more than 100 countries. With smart, scalable and dependable point of sale systems, Lightspeed aims to drive innovation and digital transformation within the retail, hospitality and golf industries. Its product suite helps SMBs sell across channels, manage operations, engage with consumers, accept payments and grow their businesses.

Headquartered in Montreal, Canada, Lightspeed has staff in North America, Europe and Australia.