Lightspeed buys digital commerce tech providers Ecwid and NuOrder for combined $925M
Point-of-sale software vendor Lightspeed announced Monday that it's acquiring two digital commerce companies to the tune of $925 million as it works to unify its ecosystem of e-commerce services. The acquisitions include a $500 million deal to buy the e-commerce platform Ecwid and a $425 million deal to buy NuOrder, makers of supplier management software.
Finance
Lightspeed said the integration of Ecwid's technology will help merchants reach shoppers across more channels and offer selling flexibility. Ecwid has more than 130,000 paying customers in over 100 countries.
Its purchase of NuOrder, meanwhile, is meant to expand the capabilities of the recently launched Lightspeed Supplier Network and accelerate the growth of Lightspeed's financial services offerings, including Lightspeed Payments and Lightspeed Capital. NuOrder currently serves over 3,000 brands.
"By joining forces with Ecwid and NuOrder, Lightspeed becomes the common thread uniting merchants, suppliers and consumers, a transformation we believe will enable innovative retailers to adapt to the new world of commerce," said Lightspeed CEO Dax Dasilva. "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."
Lightspeed offers specialized point-of-sale systems for restaurants, retail, and e-commerce operations. Its cloud-based software lets businesses manage inventory and marketing, monitor sales, manage employees, and process payments. The software also works with third-party platforms for additional marketing, customer loyalty, and employee management capabilities.
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Lightspeed went public on the New York Stock Exchange last September, raising over $397 million. Following its IPO, Lightspeed shelled out $440 million to scoop up rival POS provider ShopKeep. Montreal, Canada-based Lightspeed said the ShopKeep acquisition would significantly expand its US market share and allow for increased investment in sales, marketing, and research and development.