MONTREAL — Lightspeed POS Inc. has signed a deal to buy U.S. company ShopKeep Inc. for US$440 million in cash and shares.
ShopKeep helps businesses accept any type of payment and provides automatic inventory tracking, employee management and real time sales reporting.
Under the deal, Lightspeed will pay US$145.2 million in cash and issue 9.5 million subordinate voting shares.
The agreement, which is subject to customary closing conditions, is expected to close by the end of the company’s quarter ending Dec. 31, 2020.
The announcement came as Lightspeed, which keeps its books in U.S. dollars, reported a loss of US$19.5 million or 20 cents per share for the quarter ended Sept. 30 compared with a loss of US$10.1 million or 12 cents per share in the same quarter last year.
Revenue in what was the digital payment technology firm’s second quarter totalled US$45.5 million, up from US$28 million in the same quarter a year ago.
This report by The Canadian Press was first published Nov. 5, 2020.
Companies in this story: (TSX:LSPD)
The Canadian Press