Lightspeed to acquire ShopKeep to accelerate digital transformation of SMBs across the United States
Lightspeed, a leading provider of cloud-based, omnichannel commerce platforms, today announced it has entered into a definitive agreement to acquire ShopKeep, a cloud commerce platform provider based in New York City. This acquisition reinforces Lightspeed’s status as a clear category leader for retailers and restaurateurs seeking to modernize their operations as the global economy undergoes unprecedented digital acceleration.
Founded in 2008, ShopKeep’s point of sale platforms are used by more than 20,000 retail and restaurant customer locations nationwide generating a gross transaction volume of approximately $7 billion USD per year. The acquisition by Lightspeed will add crucial modules to the ShopKeep merchant experience, including complex inventory and sales management capacity ideal for multi-location businesses, while streamlining operations and deepening Lightspeed’s presence in the United States following its public listing on the New York Stock Exchange.
Since the onset of COVID-19, the American economy has experienced unprecedented digital acceleration, with independent businesses in retail and hospitality increasingly pivoting their operations, abandoning legacy point of sale systems and adopting omnichannel commerce platforms. Lightspeed’s acquisition of ShopKeep will aid U.S. businesses inspired to keep pace with rapid change in consumer behavior, providing them a broader portfolio of products to enhance brand loyalty, acquire new customers and retain their clientele.
“ShopKeep’s commitment to enabling independent businesses to dream big and rise above industry and economic challenges is deeply aligned with our own mission to power the future of commerce,” said Dax Dasilva, Founder and CEO of Lightspeed. “This acquisition will bring ShopKeep merchants, small and medium-sized businesses that make up the backbone of the U.S economy, into the Lightspeed family, providing them crucial product innovation and world-class support as they drive the reinvention of American commerce.”
Lightspeed’s acquisition of ShopKeep follows the successful integration of multiple premier platforms, including those of Montreal-based Chronogolf, Berlin-based Gastrofix and Sydney-based Kounta.
“We believe uniting with Lightspeed highlights and amplifies our shared vision to deliver industry-leading commerce enablement for small and medium-sized businesses,” said Michael DeSimone, CEO of ShopKeep. “Our partnership sets the stage to help business owners navigate through challenging times, keep pace with rapid change and adapt quickly to meet the rising demands of today’s customers.”
For more information, read our official press release here.
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