Omnichannel point of sale (POS) platform Lightspeed POS has signed an agreement to purchase all of the outstanding shares of Australia-based Kounta Holdings for approximately $35.3m in cash.

The deal is expected to strengthen Lightspeed’s presence across Australia and New Zealand. It will expand its client base to over 7,000 locations covering small and medium-sized brands across cafes, bars, full service restaurants, and high-end boutique hotels.

It will also allow the POS firm to expand into the Asia-Pacific region and enhance customer experiences.

Lightspeed POS founder and CEO Dax Dasilva said: “Kounta’s impressive track record is thanks to its team, and we are excited to welcome them into the Lightspeed family.

“When smart minds collaborate, our merchants are the main beneficiaries of the resulting innovation, ultimately enabling SMBs around the world to reach their full potential through our technology.”

In addition to the $35.3m value, the transaction also covers the issuance of 306,290 subordinate voting shares in Lightspeed at a value of $25.054 per share.

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By GlobalData

An additional $7.5m in deferred cash consideration, along with the issuance of 299,692 subordinate voting shares in Lightspeed, will be offered to certain Kounta employees through October 2021.

Lightspeed will also offer an additional amount of $3.4m to one selling shareholder in three annual instalments under a marketing alliance agreement.

The acquisition is currently subject to deal customary closing conditions, and expected to close before the end of this month.

Kounta founder and CEO Nick Cloete said: “Joining Lightspeed, a recognised global leader, is a testament to our hard work and also a shared passion for empowering independent businesses.

“We are immensely proud to partner with a company so well aligned on purpose, culture and technology.”