Lightspeed (company)

From Wikipedia, the free encyclopedia
Lightspeed Commerce Inc.
TypePublic
TSX: LSPD
NYSE: LSPD
IndustryPoint of sale
E-commerce
Founded2005
FounderDax da Silva
Headquarters
Montreal, Quebec, Canada
ProductsLightspeed Retail
Lightspeed eCommerce
Lightspeed OnSite
Lightspeed Restaurant
RevenueIncrease US$ 221.7 million (2021)[1]
Increase US$ -124.3 million (2021)[1]
Total assetsIncrease US$ 2,105.3 million (2021)[1]
Total equityIncrease US$ 1,934.2 million (2021)[1]
Number of employees
2,000
Websitelightspeedhq.com

Lightspeed Commerce is a point-of-sale and e-commerce software provider based in Montreal, Quebec, Canada. It was founded in 2005 by Dax da Silva who also serves as the CEO of the company. It has offices in Montreal, New York, Ottawa, Santa Cruz, Toronto, Amsterdam and Ghent. It offers its services to retail, restaurant, and hospitality businesses.[2][3][4][5]

History[]

Lightspeed was founded by Dax da Silva in 2005, with its headquarters in Montreal, to provide point-of-sale and e-commerce software to retail businesses. In 2014, it expanded its customer base to include the hospitality industry.[2][3] It has its offices in Silicon Valley, Olympia, Washington, New York City, Berlin, Amsterdam and Toronto. The company is backed by iNovia Capital and Accel Partners.[2][4][5]

Accel Partners led a $30 million investment round in 2012 and from 2012 to 2013, the company observed a 120% growth in annual transactions. It acquired MerchantOS, point-of-sale software developer, and Lightspeed Retail, an HTML5 web-based product that can be used from any computer in 2013. Lightspeed's customers processed $7.5 billion in 2013. At the time, the company had more 15,000 store locations.[6][7][8][9][10]

On June 18, 2014, the company added Advanced Analytics to Lightspeed Retail's feature roster. In September, Lightspeed closed a $35 million investment round led by iNovia Capital. The same year, it expanded its reach into the restaurant and hospitality industry in 2014 by the Belgian startup POSIOS. Lightspeed was serving 21,000 businesses and its per year transactions increased from $6 billion to $8.2 billion.[11][3][12][13]

The next year, its client base increased to 23,000 businesses in more than 30 countries. In September 2015, Lightspeed closed a $61 million Series C round of funding led by Caisse de dépôt et placement du Québec and Investissement Québec, with participation from earlier investors Accel Partners and iNovia. The next month Lightspeed acquired Amsterdam-based eCommerce software developer SEOShop and announced that it would be expanding its product offering to serve both brick-and-mortar and online retailers. SEOShop's eCommerce platform would be rebranded as Lightspeed eCom and further refined to offer complete integration with the company's retail POS software.[11][14][15][16]

In October 2017, Lightspeed POS Inc. raised about C$200 million ($160 million) in a new round of venture-capital funding.[17]

In April 2018, Lightspeed added Patrick Pichette, the former chief financial officer at Google, Paul McFeeters, the former chief financial officer of OpenText, who has also served on the boards of Hootsuite and Blueprint Software Systems to its board of Directors. Lightspeed POS, Inc. Lightspeed unveiled Retail Success Index Tool in October. Later that year, the company announced Lightspeed Loyalty, a platform for customer engagement. The technology was a result of the company's acquisition of Toronto-based ReUp, a digital platform that allows business owners to build a branded loyalty program.[18][19][20]

On January 30, 2019, Lightspeed Payments rolled out.[21] In March, the company went public on the Toronto Stock Exchange under the symbol LSPD.[22]

As of 2014, Lightspeed has over 700 employees in Montreal, Toronto, Ghent, Amsterdam, Olympia, London, and New York.[7][3] In August 2012, Lightspeed was named winner of the 5th Annual Innovative Award - Software Applications for their product.[23] In the same year, Profit ranked Lightspeed number 61 on its list of "Canada's 200 fastest growing companies.[6]

In 2020, the company generated revenue of $120.6 million with 478.4 million assets.[24][25]

On January 7, 2020 Lightspeed POS Inc. announced the acquisition of Gastrofix.[26]

On March 12, 2021, New Zealand cloud-based retail software company Vend was bought by Lightspeed for US$350 million.[27]

Criticism[]

On September 29 2021, short seller Spruce Point Capital Management publicly accused Lightspeed of exaggerating its finances to investors. The stock fell 11% following the firm's report, closing at $126 a share on the Toronto Stock Exchange. The firm alleged that Lightspeed has covered up "massive inflation" of how many customers it has, how much money it makes from them and how much growth potential it has. Spruce Point argued that the company is massively overvalued and is poised to plummet to as low as $22 a share.[28] Spruce Point also called for Lightspeed's Board of Directors to form a Special Committee to review the conclusions of its report.[29]

Following Spruce Point's report, Lightspeed released a statement saying, "The report contains numerous important inaccuracies and mischaracterizations which Lightspeed believes are misleading and clearly intended to benefit Spruce Point, which itself has disclosed that it stands to profit in the event that the stock price of Lightspeed declines."[30]

References[]

  1. ^ a b c d "Lightspeed" (PDF). Lightspeed. Retrieved August 12, 2021.
  2. ^ a b c "Retail Software Startup LightSpeed Now Caters For Restaurants After Buying Belgian Startup POSIOS". TechCrunch. Retrieved 2020-07-09.
  3. ^ a b c d "LightSpeed Retail Expands Into Restaurant Industry With Acquisition of Belgium's POSIOS". Cantech Letter. 2014-10-22. Retrieved 2020-07-09.
  4. ^ a b Meyers, Tracey (2017-10-18). "Lightspeed Closes $166 Million Series D Round Investment". WWD. Retrieved 2020-07-09.
  5. ^ a b Nisen, Max. "LightSpeed Is Helping Stores Kill Off 'Showrooming' For Good". Business Insider. Retrieved 2020-07-09.
  6. ^ a b "LightSpeed secures US$30-million from Accel". Financial Post. Retrieved 2020-08-18.
  7. ^ a b De Vynck, Gerrit (2014-11-17). "LightSpeed Plans Payments System With $35 Million Funding". www.bloomberg.com. Retrieved 2020-08-30.
  8. ^ "Stores using LightSpeed processed $6B in transactions last year". VentureBeat. 2014-01-13. Retrieved 2020-08-18.
  9. ^ "Room At The Top: How LightSpeed Retail Became a Dominant Player in Mobile POS". Cantech Letter. 2014-06-11. Retrieved 2020-08-18.
  10. ^ "Accel Invests $30M in LightSpeed, and the Top VC Was the One Doing the Wooing". Pando. 2012-06-12. Retrieved 2020-08-18.
  11. ^ a b "Retail Software Startup LightSpeed Now Caters For Restaurants After Buying Belgian Startup POSIOS". TechCrunch. Retrieved 2020-08-18.
  12. ^ "Montreal's Lightspeed Retail Adds Big Data Analytics to Its Cloud-Based POS System | BetaKit". 2014-06-18. Retrieved 2020-08-18.
  13. ^ "LightSpeed raises $35M, debuts new payments platform". VatorNews. 2014-09-17. Retrieved 2020-08-18.
  14. ^ "Montreal's Lightspeed to cash in on changes to outdated U.S. card security". Retrieved 2020-08-18.
  15. ^ "Montreal's Lightspeed launches eCom platform for North American market". Cantech Letter. 2016-03-09. Retrieved 2020-08-18.
  16. ^ "Retail Software Maker Lightspeed POS Acquires SEOshop For E-Commerce Push". TechCrunch. Retrieved 2020-08-18.
  17. ^ George-Cosh, David (2017-10-17). "Lightspeed POS Receives Among the Largest Investments for a Canadian Startup". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-08-18.
  18. ^ "Former Google, OpenText CFOs join Lightspeed's board | BetaKit". 2018-11-12. Retrieved 2020-08-18.
  19. ^ "Lightspeed Unveils Revolutionary 'Retail Success Index' Educational Tool". RETAIL INSIDER. Retrieved 2020-08-18.
  20. ^ "Lightspeed acquires ReUp, rebrands it to Lightspeed Loyalty | BetaKit". 2018-12-14. Retrieved 2020-08-18.
  21. ^ "With eyes on an IPO, Montreal's Lightspeed POS launches its payments system". Retrieved 2020-08-18.
  22. ^ "Lightspeed shares surge after TSX IPO | BetaKit". 2019-03-11. Retrieved 2020-08-18.
  23. ^ "LightSpeed for iPad Wins 5th Annual Innovative Solutions Award at RetailNOW 2012". www.businesswire.com. 2012-08-02. Retrieved 2020-08-18.
  24. ^ "Lightspeed POS Inc. Consolidated Financial Statements March 31, 2020 and 2019 (expressed in thousands of US dollars)" (PDF).{{cite web}}: CS1 maint: url-status (link)
  25. ^ "Lightspeed software company growing in a hurry". 2014-12-10. Archived from the original on 2014-12-10. Retrieved 2020-08-18.
  26. ^ Inc, Lightspeed POS. "Lightspeed POS Inc. Announces the Acquisition of Gastrofix". www.prnewswire.com. Retrieved 2020-10-22.
  27. ^ "NZ retail software company Vend sold for $350m". NZ Herald (in en-NZ). Retrieved 2021-03-12.{{cite web}}: CS1 maint: unrecognized language (link)
  28. ^ "Canadian tech firm Lightspeed walloped by short-seller attack". CBC. Retrieved 2021-10-05.
  29. ^ "Spruce Point Capital Management Announces Investment Opinion: Releases Report and Strong Sell Research Opinion on Lightspeed Commerce Inc. (NYSE: LSPD / TSX: LSPD)". www.businesswire.com. Retrieved 2021-10-05.
  30. ^ "Lightspeed responds to short-seller attack that caused stock to drop". Yahoo! Finance. Retrieved 2021-10-05.

External links[]

Retrieved from ""