Lightspeed announced Thursday it is buying New York-based cloud commerce platform ShopKeep for US$440 million. It’s the Montreal-based point-of-sale firm’s largest acquisition to date and marks a major push into the U.S. market, adding over 20,000 customers to Lightspeed’s stable of more than 80,000 worldwide.
The announcement headlined Lightspeed’s earnings day, on which it reported US$45.5 million in revenue for the quarter ended September 30, a 62 per cent year-over-year increase. That’s ahead of the 51 per cent year-over-year increase it posted last quarter and more than 10 per cent above what both analysts and the firm’s own guidance predicted. But revenue doesn’t tell the whole story of Lightspeed’s strong quarter, or explain why the company’s stock was up around 12 per cent in early afternoon trading. Here’s what you need to know:
