Welcome to our dedicated page for Lightspeed Commerce news (Ticker: LSPD), a resource for investors and traders seeking the latest updates and insights on Lightspeed Commerce stock.
Lightspeed Commerce Inc. reports developments tied to its unified omnichannel commerce platform for retail, golf and hospitality businesses. The company provides point-of-sale, ecommerce, embedded payments, inventory, reporting, staff and supplier management, financial services and wholesale network capabilities for merchants in more than 100 countries.
Recurring Lightspeed news includes financial results and outlook updates, product releases for Lightspeed Retail and hospitality customers, AI and OCR automation, payments features, wholesale integrations such as Faire, and NuORDER by Lightspeed partnerships. Company updates also cover executive appointments and portfolio actions, including changes to non-core hospitality product lines as Lightspeed focuses on retail in North America and hospitality in Europe.
On June 7, 2021, Lightspeed (NYSE: LSPD) announced its plans to acquire Ecwid and NuORDER, two leaders in digital commerce, for approximately $500 million and $425 million respectively. The acquisitions aim to enhance Lightspeed's offerings, providing customers with better supply chain management and opportunities in the digital economy. Ecwid's revenue is over $20 million, growing at over 50% year-over-year, while NuORDER has facilitated over $11.5 billion in orders. The deals are expected to close by September 30, 2021, pending regulatory approvals.
On June 3, 2021, Lightspeed (NYSE: LSPD) announced the resignation of board member Manon Brouillette, effective June 11, 2021. Brouillette is stepping down to assume the role of Chief Operating Officer and Deputy CEO at Verizon Consumer Group. Lightspeed's CEO Dax Dasilva commended her contributions and expressed confidence in her future success. The company aims for a minimum of 33% female representation on its board by the August 2022 annual meeting, following Brouillette's departure. Lightspeed continues to support global merchants with its comprehensive commerce platform.
XTM, Inc. (OTCQB: XTMIF), a fintech company based in Miami and Toronto, has integrated its Today™ Mobile app with Lightspeed (TSX: LSPD), enhancing electronic wage access for employees of Lightspeed's merchants. This integration allows for seamless instant payout of employee wages and gratuities, eliminating fees and improving cash flow for businesses. CEO Marilyn Schaffer highlighted potential growth with top-tier golf courses expressing interest in the service. This collaboration aims to simplify the payroll process for businesses in the retail and hospitality sectors.
BriteCo jewelry insurance has partnered with Lightspeed (NYSE:LSPD), offering a free automated appraisal system for retail jewelers. This integration allows jewelers to quickly generate appraisals and receive insurance quotes in under five minutes. With access to a database of over 200,000 price points, the system aims to streamline operations and enhance customer service. The partnership targets the digital transformation needs of jewelers, providing a modern solution amidst the prevalence of outdated methods. BriteCo’s platform allows consumers to obtain insurance quotes instantly via their smartphones.
Lightspeed (NYSE: LSPD) announced its integration with Google tools to enhance local retail shopping. This partnership allows independent businesses to manage Google Local Inventory Ads, Smart Shopping Campaigns, and Google My Business through the Lightspeed platform at no extra cost. This comes amidst a significant year-over-year growth in local shopping interest, with searches for 'local businesses' increasing by over 80%. The integration aims to simplify operations for small and medium-sized businesses, facilitating a seamless online-to-offline shopping experience.
Lightspeed (NYSE: LSPD) announced a partnership with the U.S. Small Business Administration to assist independent restaurants in accessing the $28.6 billion Restaurant Revitalization Fund. This initiative aims to expedite grant applications for hospitality merchants affected by the pandemic. The SBA will prioritize funds for minority-owned businesses until May 25, with potential awards ranging from $1,000 to $5 million per location. Lightspeed's technology enhances the application process for its customers, facilitating online and contactless solutions in the evolving hospitality landscape.
Lightspeed POS Inc. (NYSE: LSPD) will report its fourth quarter and full year 2021 financial results before the market opens on May 20, 2021. Investors can join a conference call at 8:00 am ET on the same day to discuss the results. Lightspeed provides cloud-based commerce platforms for SMBs worldwide, enhancing efficiency and digital transformation in retail and hospitality sectors. The conference call can be accessed via registration, and a replay will be available following the event.
Lightspeed (NYSE: LSPD) has launched Lightspeed Payments for hospitality merchants in the United Kingdom and Europe. This initiative aims to simplify payment processes as 94% of UK SMBs seek integrated payments to enhance operations. The offering includes mobile and contactless payments, crucial for businesses adapting post-pandemic. A study revealed that 94% of respondents believe integrated POS payments save money, while a significant portion requests support for preventing fraud. With a history of success in North America, Lightspeed aims to empower global customers with secure, efficient transaction capabilities.
Lightspeed POS Inc. (NYSE: LSPD) has announced the acquisition of Vend, a cloud-based retail management software company, valued at approximately $350 million. This acquisition will expand Lightspeed's customer base by over 20,000 locations globally, particularly enhancing its presence in the Asia-Pacific market. Vend generated $34 million in revenue and over $7 billion in Gross Transaction Volume in the last year. The acquisition is expected to close by the end of April, pending regulatory approvals.
On March 11, 2021, Lightspeed POS announced its decision to acquire Vend, a cloud-based retail management software company, for approximately $350 million. This strategic acquisition aims to enhance Lightspeed's customer base by over 20,000 locations globally, significantly strengthening its position in the Asia-Pacific region. With Vend's estimated revenue of $34 million and Gross Transaction Volume of $7 billion for the year ending December 31, 2020, the integration is expected to bolster Lightspeed's innovative commerce solutions for small and medium-sized businesses.