World News – CA – Lightspeed POS buys US company ShopKeep for US $ 440 million in cash and stock – BNN Bloomberg

4h ago

MONTREAL – Lightspeed POS Inc has signed an agreement to buy US company ShopKeep Inc for US $ 440 million in cash and stock

ShopKeep helps businesses accept any type of payment and provides automatic inventory tracking, employee management and real-time sales reports

As part of the deal, Lightspeed will pay $ 1452 million in cash and issue 95 million subordinate voting shares

The deal, which is subject to customary closing conditions, is expected to close by the end of the company’s quarter ending in December 31, 2020

The announcement came as Lightspeed, which keeps its books in US dollars, reported a loss of $ 19.5 million or 20 cents per share for the quarter ended September 30 against a loss of $ 10 US1 million or 12 cents per share in the same quarter last year

Revenues for what was the digital payment technology company’s second quarter totaled US $ 455 million, up from $ 28 million in the same quarter a year ago

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Lightspeed, ShopKeep, TSX, Stock