Lightspeed POS is set to acquire German POS systems developer Gastrofix. The purchase would mark Lightspeed’s largest acquisition to date, with the company spending more than $131 million CAD on the deal.
“We’re thrilled by the opportunity to combine our resources to reach new customers across Europe.”
The purchase will allow Lightspeed to obtain more than 8,000 of Gastrofix’s European customer locations, expand to key regions across Europe, and solidify a stronger presence in Germany, Austria, and Norway. A spokesperson for Lightspeed told BetaKit that all Gastrofix’s team will be joining Lightspeed under the terms of the acquisition, as Lightspeed takes over its Berlin and Hamburg offices.
The $131 million deal is comprised of $79.4 million CAD ($61 million USD) in cash and $52 million CAD ($40 million USD) in shares.
Gastrofix is expected to have generated revenue of approximately $16.2 million CAD ($12.5 million USD) in 2019. The company was founded in 2011 and directly targets the hospitality industry. Lightspeed has therefore added new hospitality clients, including the Michelin-star Seven Seas restaurant in Hamburg and the Steigenberger Hotels and Resorts.
Lightspeed’s acquisition of Gastrofix comes on the heels of a big year for the Montréal-based e-commerce firm and marks the fourth acquisition since Lightspeed went public on the Toronto Stock Exchange in early 2019. In 2019, Lightspeed acquired three companie: Switzerland POS solutions provider iKentoo, Australia’s Kounta, and Chronogolf, a solution for golf course operators.
Last year, Germany implemented the Kassensicherungsverordnung, a cash register security regulation that could push merchants to update their POS systems to the cloud. Lightspeed called the acquisition of Gastrofix timely, given the upcoming implementation of POS regulation.
Lightspeed will now have offices in Berlin and Hamburg, expanding the startup’s European footprint to nine offices, including Amsterdam, Geneva, Ghent, Lausanne, London, Paris, and Zurich.
Image courtesy Lightspeed