Lightspeed POS Inc. Announces the Acquisition of iKentoo
Expands Footprint by >3,800 Customer Locations Primarily Across Switzerland, South Africa, and France
MONTREAL, July 17, 2019 /PRNewswire/ - Lightspeed POS Inc. ("Lightspeed" or the "Company") (TSX: LSPD), a leading provider of software, solutions and support systems to more than 49,000 small and medium-sized retail and restaurant locations worldwide, today announced that it has completed the acquisition of Switzerland-based iKentoo, a POS solutions provider to small and medium-sized businesses operating within the hospitality industry. Additional details regarding this transaction will be discussed during Lightspeed's conference call to discuss first quarter 2020 results, scheduled for August 8th.
Founded in 2011, iKentoo is a leader in high performance iPad-based omnichannel POS solutions and business management systems for the restaurant and hospitality industry. iKentoo serves more than 3,800 customer locations in over 14 countries, with a strong presence in Switzerland, South Africa and France, and offers seamless, intuitive and reliable solutions for restaurants, multi-site chains, food trucks, festivals, bars, hotels, coffee shops and delicatessens.
Lightspeed has enjoyed tremendous organic growth since first entering Europe in 2014, with customers there now accounting for nearly one-third of total revenue. Combining with iKentoo immediately and significantly bolsters Lightspeed's footprint across the European continent.
"The addition of iKentoo aligns with our strategy to rapidly increase our global footprint, providing us with meaningful scale in new markets in which Lightspeed previously had a limited presence," said Dax Dasilva, Founder and CEO of Lightspeed. "We are excited to welcome iKentoo's entire team and their stellar growth record to the Lightspeed family. We believe their leading POS solution, respected brand name and large customer base of complex SMBs operating in many of our strongest verticals will perfectly complement our product offering and further enhance our growth trajectory. Furthermore, iKentoo's domain expertise regarding the markets in which it operates opens doors to accelerating the penetration of our retail product in those new international arenas."
"iKentoo and Lightspeed have in common a core strategic objective to provide cutting-edge solutions and a robust product offering to complex small businesses across several continents," said David Clerc and Serge Sozonoff, Co-Founders of iKentoo. "We're excited about the opportunity to combine forces to bring even more innovative products to a broader customer base."
ABOUT LIGHTSPEED POS INC.
Lightspeed (TSX: LSPD) is a cloud-based commerce platform powering small and medium-sized businesses in approximately 100 countries around the world. With smart, scalable, and dependable point of sale systems, it's an all-in-one solution that helps restaurants and retailers sell across channels, manage operations, engage with consumers, accept payments, and grow their business.
Headquartered in Montréal, Canada, Lightspeed is trusted by favorite local businesses, where the community goes to shop and dine. Lightspeed has grown to over 800 employees, with offices in Canada, USA, Europe, and Australia.
For more information, please visit: www.lightspeedhq.com
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SOURCE Lightspeed POS Inc.
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