Cloud-based point of sale solution ShopKeep is taking an exit after 12 years in the business. Lightspeed, a competitor in the cloud-based POS space, has acquired ShopKeep for $440 million.
Lightspeed anticipates the buy will help position it as a leader for complex retailers and restaurateurs seeking to modernize their operations. The deal will also give Lightspeed increased market share. The company will serve over 100,000 customer locations worldwide, generating approximately $33 billion in gross transaction volume.
For its part, Shopkeep will benefit by offering clients access to Lightspeed’s analytics, loyalty, ecommerce, and payments modules. Shopkeep clients will also be able to tap Lightspeed’s multi-location solution.
“ShopKeep’s commitment to enabling independent businesses to dream big and rise above industry and economic challenges is deeply aligned with our own mission to power the future of commerce,” said Lightspeed Founder and CEO Dax Dasilva. “This acquisition will bring ShopKeep merchants, small and medium-sized businesses that make up the backbone of the U.S economy, into the Lightspeed family, providing them even more crucial product innovation and world-class support as they drive the reinvention of American commerce.”
The deal is subject to customary closing conditions and is expected to close by the end of this year.
ShopKeep helps more than 20,000 clients across the U.S. accept a range of payment types and enhance their business with features such as automatic inventory tracking, employee management, and real time sales reporting. Since it was founded in 2008, the company had raised $137 million in funding.
Photo by Eric Dalrymple on Unsplash
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.