Vend (software)
{{Short description|Financial services & Retail management company}}
{{Use dmy dates|date=December 2021}}
{{Use New Zealand English|date=December 2021}}
{{promotional|date=September 2017}}
{{Infobox company
| name = Vend Limited
| logo = Vend (software) logo.svg
| type = Private
| traded_as =
| predecessor =
| successor =
| founder = Vaughan Rowsell
| defunct =
| fate =
| area_served = United States, United Kingdom, Australia, Canada, New Zealand
| key_people = Ana Wight (CEO)
| industry = Point of sale
| genre =
| products =
| production =
| services = {{Unbulleted list|Point-of-sale|Ecommerce|Retail training}}
| revenue =
| operating_income =
| net_income =
| aum =
| assets =
| equity =
| owner = Lightspeed Commerce, Inc.
| num_employees = 459 (2019)
| parent =
| divisions =
| subsid =
| footnotes =
| intl =
| homepage = {{URL|https://www.vendhq.com/}}
| foundation = {{start date and age|2010}}
| location_city = Auckland
| location_country = New Zealand
| locations =
}}
Vend is cloud-based point-of-sale and retail management software company, based in Auckland, New Zealand. The company was founded in 2010 by Vaughan Rowsell. It was acquired by the Australian software company Kounta.
History of Vend
Vend was launched in August 2010{{cite web|url=http://www.idealog.co.nz/blog/2011/10/vend|title=Innovators Awards: Supreme/IT winner, Vend|date=21 October 2011|website=idealog.co.nz|accessdate=7 January 2018}} by software developer Vaughan Rowsell.{{cite web|url=http://www.boxfreeit.com/Storage/cloud-based-cash-registers-slash-pos-costs.html|title=Cloud-based cash registers slash POS costs – Storage|website=boxfreeit.com|accessdate=7 January 2018}}
In 2013, Vend raised 8 million (8.000.000) NZD of funding from investors in Australia and New Zealand.{{Cite news |url= http://nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10883807 |title=Vend gets $8m in new money |work=The New Zealand Herald |date=15 May 2013 |access-date=16 March 2017}} Further capital has also been raised from existing investors including Point Nine Capital in Berlin.
The following year, Vend closed 20 million (20,000,000) US$25 million (25,000,000) in Series B funding. The funding round was co-led by Peter Thiel and Square Peg Capital in Australia.{{Cite web|url=http://www.vcnewsdaily.com/vend/venture-capital-funding/dlzftgpypf|title=Vend Closes $20M in Series B|website=www.vcnewsdaily.com|access-date=16 March 2017}} Later in 2014, the company also opened offices in Toronto and London. In August 2015, Vend announced that it had raised 12 million (12,000,000) NZD, mainly from existing investors along with new entrant [https://punakaikifund.co.nz Punakaiki Fund].
In 2015, Vend launched Vend Ecommerce.{{Cite news|url=https://www.forbes.com/sites/benkepes/2015/04/14/vend-adds-e-commerce-to-its-point-of-sale-offering/|title=Vend Adds E-commerce To Its Point Of Sale Offering|last=Kepes|first=Ben|work=Forbes|access-date=16 March 2017}} It also announced a partnership with UK payments provider iZettle,{{Cite news|url=http://paymentweek.com/2015-1-29-vend-izettle-get-together-in-perfect-match-6552/|title=Vend & iZettle Get Together in Perfect Match {{!}} Payment Week|date=29 January 2015|work=Payment Week|access-date=16 March 2017|language=en-US}} and North American payments provider Mercury (now Vantiv).
In 2016, the company partnered with Square to enable retailers who use Vend's software to process payments with Square.{{Cite web|url=https://techcrunch.com/2016/08/29/square-brings-payment-and-capital-offerings-to-touchbistro-and-vend-customers/|title=Square brings payment and capital offerings to TouchBistro and Vend customers|last=Etherington|first=Darrell|website=TechCrunch|access-date=16 March 2017}}
In 2016 Vend also launched an app for inventory management named Counter.{{Cite news|url=https://www.retailworldmagazine.com.au/vend-introduces-barcode-scanner-app/|title=Vend introduces barcode scanner app|work=Retail World Magazine|access-date=16 March 2017|language=en-US}}
At the end of 2016, Vend raised a further 9 million (9,000,000) US$13 million (13,000,000 NZD) led by existing investors, and with significant new investment from fund manager Movac. In 2016 Vend grew its UK staff to 20 and opened a new office in East London.{{Cite news|url=https://www.nbr.co.nz/article/vend-completes-13m-capital-raise-cg-198207|title=Vend completes $13m capital raise|date=22 December 2016|work=The National Business Review|access-date=16 March 2017|language=en}}
In 2017, Vend renamed its inventory app Counter to Scanner by Vend.{{Cite web|url=https://apps.apple.com/nz/app/lightspeed-scanner-x/id1100131368|title=Scanner {{!}} Inventory Barcode Scanner for Retail on the App Store|website=App Store|language=en|access-date=18 September 2017}}
On 12 March 2021, Vend was sold to Lightspeed POS Inc. for US$335 million (455 million NZD).{{Cite web|title=NZ retail software company Vend sold for $455m|url=https://www.nzherald.co.nz/business/nz-retail-software-company-vend-sold-for-455m/QOK7AA57JK4MP3LTTHYD744W34/|access-date=12 March 2021|website=NZ Herald|language=en-NZ}} The company had approximately 150 staff at this time.{{Cite web |last=Foxcroft |first=Debrin |title=Kiwi tech company Vend sells to Canada-based Lightspeed for $484m |url=https://www.stuff.co.nz/business/industries/124520786/kiwi-tech-company-vend-sells-to-canadabased-lightspeed-for-484m |access-date=2024-05-08 |website=www.stuff.co.nz}}
Features
Vend's services include web-based POS software, inventory management, E-commerce, customer loyalty, and reporting analytics. Vend integrates with other business and payments applications including Shopify, Square, Xero and PayPal.{{Cite news|url=https://www.merchantmaverick.com/reviews/vend-review|title=Vend Review 2017 {{!}} Reviews, Ratings, Complaints, Comparisons|work=Merchant Maverick|access-date=16 March 2017|language=en-US}}
Vend's software allows merchants to generate reports on sales, inventory, and customer behavior. Vend Ecommerce and integrations with partners like Shopify and WooCommerce enable retailers to sell online.{{Cite web|url=https://support.vendhq.com/hc/en-us/articles/236188348-Click-Collect-in-Vend-Ecommerce|title=Click & Collect in Vend Ecommerce|website=How can we help?|language=en-US|access-date=16 March 2017}}
Technology
Vend uses HTML5 features in Google Chrome and Safari to implement offline processing capabilities.
- A webSQL database built into the browser provides local inventory storage so sales can be processed offline and all stock levels updated.
- HTML5’s offline manifest tells the browser to take copies of certain files and pages for offline use.
- WebSocket (another element of HTML5) allows Vend to talk to other devices on a local network, interfacing with hardware such as an EFTPOS unit or other payment devices.
Vend works with mobile browsers as well as their iOS app called Vend Register.{{Cite web|title = Vend Register App|url = https://www.vendhq.com/register|website = www.vendhq.com|accessdate = 19 November 2015}}
Awards and recognition
- 2011 NZ Innovators Awards – ICT category and Supreme Award{{Cite web|url=http://www.innovators.org.nz/winners-a-finalists/winners-2011|title=NZIA – Winners 2011|last=Administrator|website=www.innovators.org.nz|access-date=16 March 2017}}
- 2014 NZ Hi-Tech Awards – IBM Hi-Tech Exporter of the Year (under $5 million revenue) and Cisco Hi-Tech Emerging Company of the Year categories{{Cite web|url=http://www.hitech.org.nz/news/2014-nz-hi-tech-award-winners-announced/|title=2014 NZ Hi-Tech Award Winners Announced — NZ Hi-Tech Awards|website=www.hitech.org.nz|language=en-NZ|access-date=16 March 2017}}
- 2014 Gold Stevie Award for Vend's homepage video (American Business Awards){{Cite web|url=http://stevieawards.com/aba/video-awards-0|title=Video Awards {{!}} Stevie Awards|website=stevieawards.com|language=en|access-date=16 March 2017}}
- 2014 Monocle Magazines's Top 25 in Retail{{Cite news|url=https://blog.vendhq.com/post/64901824962/vend-named-one-monocle-magazines-top-25-award-winners-retail|title=Vend named as one of Monocle Magazine's Top 25 in Retail Award winners – Vend Retail Blog|date=24 March 2014|work=Vend Retail Blog|access-date=16 March 2017|language=en-US}}
- 2015 Gold Stevie Award for Customer Service (American Business Awards){{Cite web|url=http://stevieawards.com/aba/customer-service-awards-1|title=Customer Service Awards {{!}} Stevie Awards|website=stevieawards.com|language=en|access-date=16 March 2017}}
- 2015 Silver Stevie Award for Vend's video with TopShelf Style (American Business Awards){{Cite web|url=http://stevieawards.com/iba/video-awards-winners-0|title=Video Awards Winners {{!}} Stevie Awards|website=stevieawards.com|language=en|access-date=16 March 2017}}
- 2015 Deloitte NZ Fast50 – 7th fastest growing company in NZ{{Cite web|url=http://www.deloitteprivate.co.nz/fast50/2015/results/|title=Results|last=Digital|first=Born|website=www.deloitteprivate.co.nz|access-date=16 March 2017}}
- 2015 Industry Specific App of the Year – Xero UK{{Cite news|url=https://www.xero.com/blog/2015/02/xero-awards-london-2015/|title=Celebrating our partners: Xero Awards London 2015 {{!}}Xero Blog|date=11 February 2015|work=Xero Blog|access-date=16 March 2017|language=en-US}}
- 2016 Deloitte NZ Fast50 – 38th fastest growing company in NZ{{Cite web|url=http://www.deloitteprivate.co.nz/fast50/2016/results/|title=Deloitte Fast 50 2016 {{!}} results|last=Deloitte|website=www.deloitteprivate.co.nz|access-date=16 March 2017}}
- 2016 TIN100 Hot Emerging Companies New Zealand (2nd){{cite web |url=http://www.tin100.com/About+TIN100+Reports/Hot+Emerging.html |title=Technology Investment Network {{!}} NZ Technology Companies {{!}} TIN |website=www.tin100.com |url-status=dead |archive-url=https://web.archive.org/web/20170317054928/http://www.tin100.com/About+TIN100+Reports/Hot+Emerging.html |archive-date=2017-03-17}}
- 2017 Vend named as the best all-in-one POS system for small businesses by Business News Daily{{Cite news|url=http://www.businessnewsdaily.com/8066-best-pos-system-small-business.html|title=Vend Review: Best All-In-One POS System for Small Business|work=Business News Daily|access-date=16 March 2017}}
- 2019 Newsweek Best Business Tools – POS{{Cite web|url=https://www.newsweek.com/best-business-tools-2019/payment-ecommerce-software|title = Payment & eCommerce Software|website = Newsweek|date = 14 June 2019}}