The Montreal-based point-of-sale company will additionally pay up to US$24.4 million in bonuses to employees and shareholders of Gastrofix, depending on performance. Lightspeed will add offices in Berlin and Hamburg as part of the deal, giving it nine European locations. Its stock was up nearly eight per cent on the news. (The Logic)
Talking point: Today’s acquisition is the largest Lightspeed has ever disclosed, the fourth disclosed European acquisition for Lightspeed, and its second in the past six months. In July 2019, Lightspeed acquired Switzerland-based iKentoo, which had more than 3,800 customers in over 14 countries at the time. Gastrofix has over 8,000 customers, with particular strength in Germany, Austria and Norway. It’s the latest move in a strategy The Logic first reported on in May 2019, with the news that the firm was hiring German-speaking sales staff as part of a broader international growth strategy. Lightspeed has plenty of cash on hand as it continues its acquisitive strategy. The firm spent just US$61 million in cash in today’s deal; as of its last quarterly report, Lightspeed had US$172 million.