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Lightspeed, the firm behind an integrated point-of-sale (POS) method employed by the likes of Sony, Goop, and Five Guys, has announced plans to obtain Shopify rival Ecwid and digital catalog builder NuOrder in offers worth $500 million and $425 million respectively.
The acquisitions come as brands across the spectrum have had to adapt to a new industrial landscape, with shoppers flocking to ecommerce in record numbers. Founded out of Montréal, Canada, in 2005, Lightspeed went public on the New York Stock Exchange (NYSE) just nine months ago (soon after initially going public in Toronto in 2019), with its shares more than doubling more than that period to give it a industry cap today of $9.5 billion.
Lightspeed’s application enables multi-channel retailers to synchronize their inventory across all places, accept appointments for in-retailer services, handle Google purchasing advertisements, and accept on line and in-retailer payments.
Ecwid is a application-as-a-service platform that lets any person set up their personal digital retailer, with tools for making web-sites, managing orders, and accepting payments. NuOrder, meanwhile, is created to make it less difficult for brands to showcase their inventory to retailers with a drag-and-drop interface for inserting visual and textual content.
According to Lightspeed founder and CEO Dax Dasilva, the combined acquisitions — which it expects to close by the finish of September — will assist it unite merchants, suppliers, and buyers. “As economies reopen and business creation accelerates, we hope to embolden entrepreneurs with the tools they need to simplify their operations and scale their ambitions,” he stated in a press release.