Lightspeed, a cloud-based commerce platform powering small and medium-sized businesses, has announced that that it has entered into an agreement to acquire Gastrofix, a quickly-growing market leader for cloud-based POS hospitality software in Germany for upwards of $164 million (approx €147 million)
The deal for the cloud-based, hospitality-focused company includes $79.4 million (approx €71.2 million) in cash and $52.7 million (approx €47.2 million) in shares on closing, plus a further $19 million (approx €17 million) in cash and $12.7 million (approx €11.3 million) in shares if some performance conditions are met.
With this acquisition, Lightspeed solidifies its presence in Europe, namely in countries such as Germany, Austria, and Norway, opening up access to an array of cloud-based services to propel European businesses forward.
On top of that, Gastrofix has around 8,000 customer locations, including the Michelin-starred Seven Seas (Hamburg), Leaders Club winner Bar Shuka (Frankfurt), and the luxury Steigenberger Hotels and Resorts as well.
Post this acquisition, Lightspeed can offer solutions for merchants and restauranteurs in all key regions across Europe. This acquisition is timely as German fiscal laws being introduced in 2020 could push merchants and restauranteurs to upgrade to cloud-based POS systems to help them run their businesses and meet new regulatory requirements.
It’s worth mentioning that Lightspeed made a series of acquisitions in 2019, including Chronogolf, iKentoo, and Kounta. With the addition of offices in Berlin and Hamburg, Lightspeed’s footprint now comprises nine European offices, including a presence in Amsterdam, Ghent, London, Geneva, Lausanne, Zurich, and Paris.
Dax Dasilva, Founder, and CEO of Lightspeed said:
The addition of Gastrofix to our team further solidifies Lightspeed as a leader in cloud-based POS technology and establishes our large footprint powering SMBs across the globe. We are proud to welcome Gastrofix’s passionate employees to Lightspeed. Together, we will create new opportunities for hospitality businesses to reach their highest growth potential amidst shifts in the industry. Lightspeed will continue to execute on further investments to drive complex SMBs forward through the support of top technology in the market.
Reinhard Martens, Founder, and CEO of Gastrofix said:
Gastrofix and Lightspeed’s shared goal of digitizing 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.
Main image credits: Lightspeed
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