Acquisition will provide merchants newfound selling
flexibility and omnichannel experiences, expanded by new
partnership with TikTok
MONTREAL, Oct. 1, 2021 /PRNewswire/ - Lightspeed Commerce
Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for
merchants around the world to simplify, scale and create
exceptional customer experiences, today announced the closing of
the previously reported acquisition of Ecwid, a best-in-class,
global eCommerce platform, that allows customers to create
standalone businesses in minutes. Lightspeed finalized the
acquisition for cash consideration of approximately $163.6 million, net of cash acquired, and the
issuance at closing of 4,842,674 subordinate voting shares in the
capital of Lightspeed, of which 371,088 are subject to a right of
buyback for nominal consideration in favour of Lightspeed if
certain milestones are not achieved over the next two years,
subject to customary post-closing adjustments.
Contingent on the achievement of certain milestones, an
additional $12.8 million in deferred
cash consideration is payable, along with the issuance of 41,411
subordinate voting shares in the capital of Lightspeed, to certain
Ecwid employees over the next two years. In addition, a total of
49,875 restricted share units will be granted to certain Ecwid
employees as acquisition consideration.
Once integrated, the combination of Lightspeed and Ecwid will
help merchants reach shoppers where they are, whether on social
media or digital marketplaces, ushering in newfound selling
flexibility and omnichannel experiences.
Ecwid recently announced a partnership with TikTok to help shape
the future of buying on the social media platform and strengthen
the ways it's bringing shopping experiences to the community. The
partnership will also help Lightspeed's merchants seamlessly access
core functions of TikTok For Business Ads Manager without needing
to leave the platform.
About Lightspeed
Powering the businesses that are the backbone of the global
economy, Lightspeed's one-stop commerce platform helps merchants
innovate to simplify, scale and provide exceptional customer
experiences. The cloud solution transforms and unifies online and
physical operations, multichannel sales, expansion to new
locations, global payments, financing and connection to supplier
networks.
Founded in Montréal, Canada in
2005, Lightspeed is dual-listed on the New York Stock Exchange and
Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across
North America, Europe and Asia
Pacific, the company serves retail, hospitality and golf
businesses in over 100 countries.
For more information, see www.lightspeedhq.com
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Forward-Looking Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"). Particularly,
information regarding Lightspeed's expectations of expected
acquisition outcomes and synergies. Forward-looking statements are
statements that are predictive in nature, depend upon or refer to
future events or conditions and are identified by words such as
"will", "expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions concerning matters that are not
historical facts. Such statements are based on current expectations
of Lightspeed's management and inherently involve numerous risks
and uncertainties, known and unknown, including economic factors. A
number of risks, uncertainties and other factors may cause actual
results to differ materially from the forward-looking statements
contained in this news release, including, among other factors,
those risk factors identified in our most recent Management's
Discussion and Analysis of Financial Condition and Results of
Operations, under "Risk Factors" in our most recent Annual
Information Form, and in our other filings with the Canadian
securities regulatory authorities and the U.S. Securities and
Exchange Commission, all of which are available under our profiles
on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are
cautioned to consider these and other factors carefully when making
decisions with respect to Lightspeed's subordinate voting shares
and not to place undue reliance on forward-looking statements.
Forward-looking statements contained in this news release are not
guarantees of future performance and, while forward-looking
statements are based on certain assumptions that Lightspeed
considers reasonable, actual events and results could differ
materially from those expressed or implied by forward-looking
statements made by Lightspeed. Except as may be expressly required
by applicable law, Lightspeed does not undertake any obligation to
update publicly or revise any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Lightspeed Commerce Inc.