Lightspeed Announces Completion of Ecwid Acquisition
Acquisition will provide merchants with new selling flexibility and omnichannel experiences, expanded by new partnership with TikTok
MONTREAL, October 1, 2021 / CNW Telbec / – Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop-shop commerce platform for merchants around the world to simplify, adapt and create great customer experiences, announced today This is the closing of the previously announced acquisition of Ecwid, a leading global e-commerce platform that enables customers to build stand-alone businesses in minutes. Lightspeed completed 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 redemption right for nominal consideration in favor of Lightspeed if certain milestones are not met within the next two years, subject to customary post-close adjustments.
Subject to the achievement of certain milestones, a $ 12.8 million deferred cash consideration is payable, together 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 RSUs will be granted to certain Ecwid employees in consideration for the acquisition.
Once integrated, the combination of Lightspeed and Ecwid will help merchants reach shoppers wherever they are, be it on social media or digital marketplaces, ushering in new selling flexibility and omnichannel experiences.
Ecwid recently announced a partnership with TikTok to help shape the future of shopping on the social media platform and strengthen the way it brings shopping experiences to the community. The partnership will also help Lightspeed merchants seamlessly access core TikTok For Business Ads Manager functions without having to leave the platform.
Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale, and deliver great customer experiences. The cloud solution transforms and unifies online and physical operations, multi-channel sales, expansion to new locations, global payments, financing and connection to supplier networks.
Founded in Montreal, Canada in 2005, Lightspeed traded on the New York Stock Exchange and the 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 more than 100 countries.
For more information see www.lightspeedhq.com
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This press release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). In particular, information regarding Lightspeed’s expectations regarding acquisition results and expected synergies. Forward-looking statements are statements that are predictive in nature, depend on or refer to future events or conditions and are identified by words such as “will”, “expects”, “anticipates”, “has the” intention to “,” plan “,” estimate “,” estimate “or similar expressions regarding matters which are not historical facts. Such statements are based on the current expectations of the management of Lightspeed and inherently involve many risks and uncertainties, known and unknown, including economic factors.A number of risks, uncertainties and other factors could cause actual results to differ materially from the forward-looking statements contained in this press release, including, between other factors, the risk factors identified in our most recent MD&A on Financial Condition and Results of Operations, under “Risk Factors” in no. most recent Annual Information Form, and in our other filings with Canadian securities regulators and the United States Securities and Exchange Commission, all of which are available under our profiles on SEDAR at www.sedar .com and on EDGAR at the address www.sec.gov. Readers are urged to carefully consider these and other factors when making decisions about Lightspeed subordinate voting shares and not to place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are not guarantees of future performance and, although the forward-looking statements are based on certain assumptions Lightspeed considers to be reasonable, actual events and results could differ materially from those expressed or under- understood by forward-looking statements made by Lightspeed. Except as expressly required by applicable law, Lightspeed assumes no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Lightspeed Commerce Inc.
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