Canada-based e-commerce technology firm Lightspeed POS has agreed to acquire German point-of-sale (POS) company Gastrofix.
The C$131m ($100.8m) transaction consists of $61m in cash and $40m in shares.
The acquisition will allow Lightspeed to obtain more than 8,000 of Gastrofix’s European customer locations, including the Michelin-starred Seven Seas in Hamburg, Germany, Leaders Club winner Bar Shuka in Frankfurt, Germany, and the luxury Steigenberger Hotels and Resorts.
It will also help Lightspeed to better serve European merchants and restaurants in important regions across Europe and enhance its presence in Germany, Austria, and Norway.
Lightspeed founder and CEO Dax Dasilva said: “The addition of Gastrofix to our team further solidifies Lightspeed as a leader in Cloud-based POS technology and establishes our immense footprint powering SMBs across the globe.
“Lightspeed will continue to execute on further investments to drive complex SMBs forward through the support of top technology in the market.”
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Currently, Lightspeed has a footprint in nine European offices, including Amsterdam, Ghent, London, Geneva, Lausanne, Zurich and Paris.
Gastrofix founder and CEO Reinhard Martens said: “Gastrofix and Lightspeed’s common goal of digitising the hospitality industry with versatile, efficient Cloud-based solutions made the pairing a perfect match.
“We’re thrilled by the opportunity to combine our resources to reach new customers across Europe.”
In 2019, Lightspeed POS signed an agreement to purchase all of the outstanding shares of Australia-based Kounta Holdings for approximately $35.3m in cash.
This deal would strengthen the company’s presence across Australia and New Zealand, and expand its client base to over 7,000 locations covering small and medium-sized brands at cafes, bars, full-service restaurants and high-end boutique hotels.