Lightspeed Commerce

Lightspeed was founded by Dax da Silva in 2005, with its headquarters in Montreal, to provide point-of-sale and e-commerce software for retail businesses. In 2014, it expanded its customer base to include the hospitality industry. It has its offices in Montreal, New York, Ottawa, Toronto, London, Paris, Belfast, Amsterdam, Berlin, Geneva, Ghent and Melbourne. The company is backed by iNovia Capital and Accel Partners. Profit has ranked Lightspeed 24th in 2011 and 61st in 2012 on its list of "Canada's 200 fastest growing companies".

Accel Partners led a $30 million investment round in 2012 and from 2012 to 2013, the company observed a 120% growth in annual transactions. It acquired MerchantOS, a point-of-sale software developer in 2013. Lightspeed's customers processed $7.5 billion in 2013. At the time, the company served more than 15,000 store locations.{{Cite news|title=LightSpeed secures US$30-million from Accel|url=https://financialpost.com/entrepreneur/lightspeed-secures-us30-million-from-accel|access-date=2020-08-18|website=Financial Post|date=12 June 2012|language=en-CA|last1=Dobby|first1=Christine|archive-date=2020-09-25|archive-url=https://web.archive.org/web/20200925203847/https://financialpost.com/entrepreneur/lightspeed-secures-us30-million-from-accel|url-status=live}}{{Cite web|url-access=subscription|title=LightSpeed Plans Payments System With $35 Million Funding|url=https://www.bloomberg.com/news/articles/2014-09-17/lightspeed-plans-payments-system-with-35-million-funding|website=www.bloomberg.com|first1=Gerrit|last1=De Vynck|date=2014-11-17|access-date=2020-08-30}}{{Cite web|date=2014-01-13|title=Stores using LightSpeed processed $6B in transactions last year|url=https://venturebeat.com/2014/01/13/lightspeed-stores-6-billion/|access-date=2020-08-18|website=VentureBeat|language=en-US|archive-date=2021-01-27|archive-url=https://web.archive.org/web/20210127170204/https://venturebeat.com/2014/01/13/lightspeed-stores-6-billion/|url-status=live}}{{Cite web|date=2014-06-11|title=Room At The Top: How LightSpeed Retail Became a Dominant Player in Mobile POS|url=https://www.cantechletter.com/2014/06/room-top-lightspeed-retail-became-dominant-player-mobile-pos/|access-date=2020-08-18|website=Cantech Letter|language=en-CA|archive-date=2020-07-11|archive-url=https://web.archive.org/web/20200711105454/https://www.cantechletter.com/2014/06/room-top-lightspeed-retail-became-dominant-player-mobile-pos/|url-status=live}}{{Cite web|date=2012-06-12|title=Accel Invests $30M in LightSpeed, and the Top VC Was the One Doing the Wooing|url=https://pando.com/2012/06/11/accel-invests-30m-in-lightspeed-and-the-top-vc-was-the-one-doing-the-wooing/|access-date=2020-08-18|website=Pando|language=en-gb|archive-date=2021-01-05|archive-url=https://web.archive.org/web/20210105001238/https://pando.com/2012/06/11/accel-invests-30m-in-lightspeed-and-the-top-vc-was-the-one-doing-the-wooing/}}

File:Lightspeed O-Series POS software.jpg set up on an iPad]]

On June 18, 2014, the company added Advanced Analytics to Lightspeed Retail's feature roster. In September, Lightspeed closed a $35 million investment round led by iNovia Capital. The same year, it expanded its reach into the restaurant and hospitality industry in 2014 by the Belgian startup POSIOS. Lightspeed was serving 21,000 businesses and its per year transactions increased from $6 billion to $8.2 billion.{{Cite web|title=Retail Software Startup LightSpeed Now Caters For Restaurants After Buying Belgian Startup POSIOS|url=https://techcrunch.com/2014/10/22/lightspeed-now-caters-for-restaurants-after-buying-belgian-startup-posios/|access-date=2020-08-18|website=TechCrunch |language=en-US}}{{Cite web|date=2014-06-18|title=Montreal's Lightspeed Retail Adds Big Data Analytics to Its Cloud-Based POS System {{!}} BetaKit|url=https://betakit.com/montreals-lightspeed-retail-adds-big-data-analytics-to-its-cloud-based-pos-system/|access-date=2020-08-18|language=en-CA|archive-date=2020-08-04|archive-url=https://web.archive.org/web/20200804230335/https://betakit.com/montreals-lightspeed-retail-adds-big-data-analytics-to-its-cloud-based-pos-system/|url-status=live}}{{Cite web|date=2014-09-17|title=LightSpeed raises $35M, debuts new payments platform|url=https://vator.tv/news/2014-09-17-lightspeed-raises-35m-debuts-new-payments-platform|access-date=2020-08-18|website=VatorNews|archive-date=2021-01-23|archive-url=https://web.archive.org/web/20210123141743/https://vator.tv/news/2014-09-17-lightspeed-raises-35m-debuts-new-payments-platform|url-status=live}}

The next year, its client base increased to 23,000 businesses in more than 30 countries. In September 2015, Lightspeed closed a $61 million Series C round of funding led by Caisse de dépôt et placement du Québec and Investissement Québec, with participation from earlier investors Accel Partners and iNovia. The next month Lightspeed acquired Amsterdam-based eCommerce software developer SEOShop and announced that it would be expanding its product offering to serve both brick-and-mortar and online retailers. SEOShop's eCommerce platform was rebranded as Lightspeed eCom and further refined to offer complete integration with the company's retail POS software.{{Cite news|title=Montreal's Lightspeed to cash in on changes to outdated U.S. card security|url=https://www.theglobeandmail.com/technology/tech-news/montreals-lightspeed-to-cash-in-on-changes-to-outdated-us-card-security/article24146435/|access-date=2020-08-18|archive-date=2020-08-13|archive-url=https://web.archive.org/web/20200813062159/https://www.theglobeandmail.com/technology/tech-news/montreals-lightspeed-to-cash-in-on-changes-to-outdated-us-card-security/article24146435/|url-status=live}}{{Cite web|date=2016-03-09|title=Montreal's Lightspeed launches eCom platform for North American market|url=https://www.cantechletter.com/2016/03/montreals-lightspeed-launches-ecom-platform-for-north-american-market/|access-date=2020-08-18|website=Cantech Letter|language=en-CA|archive-date=2021-01-21|archive-url=https://web.archive.org/web/20210121112840/https://www.cantechletter.com/2016/03/montreals-lightspeed-launches-ecom-platform-for-north-american-market/|url-status=live}}{{Cite web|title=Retail Software Maker Lightspeed POS Acquires SEOshop For E-Commerce Push|url=https://techcrunch.com/2015/11/18/lightspeed-acquires-seoshop/|access-date=2020-08-18|website=TechCrunch |language=en-US|archive-date=2022-08-17|archive-url=https://web.archive.org/web/20220817213715/https://techcrunch.com/2015/11/18/lightspeed-acquires-seoshop/|url-status=live}}

In August 2016, Lightspeed suffered a data breach resulting in the exposure of sensitive data worth $12 billion.{{cite web |last1=Kovacs |first1=Eduard |title=Lightspeed Suffers Data Breach |url=https://www.securityweek.com/pos-vendor-lightspeed-suffers-data-breach/ |website=Security Week |publisher=EK |access-date=7 December 2023}}

In October 2017, Lightspeed POS Inc. raised about C$200 million ($160 million) in a new round of venture-capital funding.{{Cite news|last=George-Cosh|first=David|date=2017-10-17|title=Lightspeed POS Receives Among the Largest Investments for a Canadian Startup|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/lightspeed-pos-receives-among-the-largest-investments-for-a-canadian-startup-1508271415|access-date=2020-08-18|issn=0099-9660|archive-date=2020-11-11|archive-url=https://web.archive.org/web/20201111205601/https://www.wsj.com/articles/lightspeed-pos-receives-among-the-largest-investments-for-a-canadian-startup-1508271415|url-status=live}}

In April 2018, Lightspeed added Patrick Pichette, the former chief financial officer at Google, Paul McFeeters, the former chief financial officer of OpenText to its board of Directors. Lightspeed POS, Inc. Lightspeed unveiled Retail Success Index Tool in October. Later that year, the company announced Lightspeed Loyalty, a platform for customer engagement. The technology was a result of the company's acquisition of Toronto-based ReUp, a digital platform that allows business owners to build a branded loyalty program.{{Cite web|date=2018-11-12|title=Former Google, OpenText CFOs join Lightspeed's board {{!}} BetaKit|url=https://betakit.com/former-google-opentext-cfos-join-lightspeeds-board/|access-date=2020-08-18|language=en-CA|archive-date=2020-08-11|archive-url=https://web.archive.org/web/20200811211719/https://betakit.com/former-google-opentext-cfos-join-lightspeeds-board/|url-status=live}}{{Cite web|title=Lightspeed Unveils Revolutionary 'Retail Success Index' Educational Tool|url=https://www.retail-insider.com/retail-insider/2018/10/lightspeed-retail-success-index|access-date=2020-08-18|website=RETAIL INSIDER|date=16 October 2018|language=en-CA|archive-date=2021-10-17|archive-url=https://web.archive.org/web/20211017221625/https://retail-insider.com/retail-insider/2018/10/lightspeed-retail-success-index/|url-status=live}}{{Cite web|date=2018-12-14|title=Lightspeed acquires ReUp, rebrands it to Lightspeed Loyalty {{!}} BetaKit|url=https://betakit.com/lightspeed-acquires-reup-rebrands-it-to-lightspeed-loyalty/|access-date=2020-08-18|language=en-CA|archive-date=2020-09-29|archive-url=https://web.archive.org/web/20200929173212/https://betakit.com/lightspeed-acquires-reup-rebrands-it-to-lightspeed-loyalty/|url-status=live}}

On January 30, 2019, Lightspeed Payments rolled out.{{Cite news|title=With eyes on an IPO, Montreal's Lightspeed POS launches its payments system|url=https://www.theglobeandmail.com/business/article-with-eyes-on-an-ipo-montreals-lightspeed-pos-launches-its-payments/|access-date=2020-08-18|archive-date=2020-08-03|archive-url=https://web.archive.org/web/20200803190955/https://www.theglobeandmail.com/business/article-with-eyes-on-an-ipo-montreals-lightspeed-pos-launches-its-payments/|url-status=live}} In March, the company went public on the Toronto Stock Exchange under the symbol LSPD.{{Cite web|date=2019-03-11|title=Lightspeed shares surge after TSX IPO {{!}} BetaKit|url=https://betakit.com/lightspeed-shares-surge-after-tsx-ipo/|access-date=2020-08-18|language=en-CA|archive-date=2020-08-13|archive-url=https://web.archive.org/web/20200813020715/https://betakit.com/lightspeed-shares-surge-after-tsx-ipo/|url-status=live}}

In November 2020, Lightspeed acquired ShopKeep for US$440 million.{{Cite web |url=https://www.zdnet.com/article/lightspeed-to-acquire-point-of-sale-rival-shopkeep-for-440-million/ |title=Lightspeed to acquire point of sale rival ShopKeep for $440 million |date=5 November 2020 |work=ZDNet |last=Gagliordi |first=Natalie |access-date=10 August 2022 |archive-date=10 August 2022 |archive-url=https://web.archive.org/web/20220810223910/https://www.zdnet.com/article/lightspeed-to-acquire-point-of-sale-rival-shopkeep-for-440-million/ |url-status=live }}{{cite web |url=https://betakit.com/lightspeed-to-acquire-shopkeep-for-440-million-usd-reports-strong-q2-results/ |title=Lightspeed to acquire ShopKeep for $440 million USD, reports strong Q2 results |date=5 November 2020 |first=Meagan |last=Simpson |website=betakit.com |access-date=10 August 2022 |archive-date=16 August 2021 |archive-url=https://web.archive.org/web/20210816055931/https://betakit.com/lightspeed-to-acquire-shopkeep-for-440-million-usd-reports-strong-q2-results/ |url-status=live }}

On March 12, 2021, New Zealand cloud-based retail software company Vend was bought by Lightspeed for US$350 million.{{Cite web|title=NZ retail software company Vend sold for $350m|url=https://www.nzherald.co.nz/business/nz-retail-software-company-vend-sold-for-455m/QOK7AA57JK4MP3LTTHYD744W34/|access-date=2021-03-12|website=The New Zealand Herald |language=en-NZ|archive-date=2021-03-11|archive-url=https://web.archive.org/web/20210311225128/https://www.nzherald.co.nz/business/nz-retail-software-company-vend-sold-for-455m/QOK7AA57JK4MP3LTTHYD744W34/|url-status=live}}

In fiscal 2022, the company generated revenue of US$548 million with US$3.62 billion in total assets{{r|FR22}}{{rp|pages=5-6}} and had about 3,000 employees.{{cite web |url=https://www.theglobeandmail.com/business/article-lightspeed-posts-better-than-expected-first-quarter-earnings-maintains/ |title=Lightspeed in hiring, not firing mode as it posts better-than-expected earnings and holds guidance |date=2022-08-04 |work=The Globe and Mail |first=Sean |last=Silcoff |access-date=2022-08-10 |archive-date=2022-08-10 |archive-url=https://web.archive.org/web/20220810221716/https://www.theglobeandmail.com/business/article-lightspeed-posts-better-than-expected-first-quarter-earnings-maintains/ |url-status=live }}

In January 2023, the company laid off close to 300 employees.{{Cite web |title=Important Changes to our Team and our Business |url=https://www.lightspeedhq.com/news/important-changes-to-our-team-and-our-business/ |access-date=2024-09-15 |website=Lightspeed |language=en-us}}

In April 2024, the company laid off roughly 10% of its workforce.{{Cite web |title=Lightspeed Commerce Announces Cost Reductions, Share Repurchase Program, and Reaffirms Focus on Profitable Growth |url=https://www.lightspeedhq.com/news/lightspeed-commerce-announces-cost-reductions-share-repurchase-program-and-reaffirms-focus-on-profitable-growth/ |access-date=2024-09-15 |website=Lightspeed |language=en-us}}

On September 29 2021, short seller Spruce Point Capital Management publicly accused Lightspeed of exaggerating its finances to investors. The stock fell 11% following the firm's report, closing at $126 a share on the Toronto Stock Exchange. The firm alleged that Lightspeed has covered up "massive inflation" of how many customers it has, how much money it makes from them and how much growth potential it has. Spruce Point argued that the company is massively overvalued and is poised to plummet to as low as $22 a share.{{Cite web|title=Canadian tech firm Lightspeed walloped by short-seller attack|url=https://www.cbc.ca/news/business/lightspeed-stock-short-seller-1.6194974|access-date=2021-10-05|website=CBC|language=en-CA|archive-date=2021-10-05|archive-url=https://web.archive.org/web/20211005041727/https://www.cbc.ca/news/business/lightspeed-stock-short-seller-1.6194974|url-status=live}}

Following Spruce Point's report, Lightspeed released a statement saying, "The report contains numerous important inaccuracies and mischaracterizations which Lightspeed believes are misleading and clearly intended to benefit Spruce Point, which itself has disclosed that it stands to profit in the event that the stock price of Lightspeed declines."{{Cite web|title=Lightspeed responds to short-seller attack that caused stock to drop|url=https://ca.finance.yahoo.com/news/lightspeed-responds-short-sellers-132844078.html|access-date=2021-10-05|website=Yahoo! Finance|date=30 September 2021 |language=en|archive-date=2021-10-05|archive-url=https://web.archive.org/web/20211005204603/https://ca.finance.yahoo.com/news/lightspeed-responds-short-sellers-132844078.html|url-status=live}}

{{Reflist}}

• {{Official website|https://www.lightspeedhq.com/}}

{{Authority control}}

Category:Business software companies

Category:Canadian companies established in 2005

Category:Companies based in Montreal

Category:E-commerce software

Category:Point of sale companies

Category:Retail point of sale systems

Category:Companies listed on the New York Stock Exchange

Category:Companies listed on the Toronto Stock Exchange

Category:2019 initial public offerings