M&A Deal Summary

Lightspeed Acquires Upserve

On December 1, 2020, Lightspeed acquired internet software and services company Upserve from Vista Equity Partners for 430M USD

Acquisition Highlights
  • This is Lightspeed’s 4th transaction in the Internet Software and Services sector.
  • This is Lightspeed’s 2nd largest (disclosed) transaction.
  • This is Lightspeed’s 2nd transaction in the United States.
  • This is Lightspeed’s 1st transaction in Rhode Island.

M&A Deal Summary
Date 2020-12-01
Target Upserve
Sector Internet Software and Services
Buyer(s) Lightspeed
Sellers(s) Vista Equity Partners
Deal Type Add-on Acquisition
Deal Value 430M USD
Advisor(s) William Blair (Financial)

Target

Upserve

Providence, Rhode Island, United States
website
Upserve, Inc. is a provider of smart management system for restaurant owners to track key facets of their business in real-time. Upserve is the magic ingredient that helps restaurateurs thrive, putting everything they need in one place. Upserve was founded in 2009 and is headquartered in Providence with additional offices in San Francisco and New York City.

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Buyer(S) 1

Buyer

Lightspeed

Montreal, Quebec, Canada

website

Category Company
Founded 2005
Sector Software
Employees1,800
Revenue 548M CAD (2022)
DESCRIPTION

Lightspeed is a provider of POS platform for stores and restaurants. the company provides customers with a simple way to build, manage, and grow their retail, restaurant, or eCommerce business, and create a best-in-class customer experience. Its end-to-end solutions unify inventory, customer management, sales, and analytics across all channels, in-store, and online. Lightspeed was formed in 2005 and is based in Montreal, Quebec.

DEAL STATS #
Overall 8 of 11
Sector (Internet Software and Services) 4 of 7
Type (Add-on Acquisition) 8 of 11
State (Rhode Island) 1 of 1
Country (United States) 2 of 4
Year (2020) 3 of 3
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-05 ShopKeep

New York, New York, United States

ShopKeep, Inc. is a provider of cloud-based technology and business management solutions for independent merchants. ShopKeep enables business owners to start and grow their businesses by accepting any type of payment and providing essential features such as automatic inventory tracking, employee management, and real time sales reporting. ShopKeep was founded in 2008 and is based in New York City.

Buy $440M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-11 Vend

Auckland , New Zealand

Vend is a cloud-based retail management software company. Vend makes it easy to add new outlets and registers as your business grows. All of Vend’s key features including POS, inventory, and reporting are designed for multiple outlets so the business operates as one cohesive operation. Vend was founded in 2010 and is based in Auckland, New Zealand.

Buy $350M

Seller(S) 1

SELLER

Vista Equity Partners

Austin, Texas, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2000
PE ASSETS 100.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.
Entrance to Frost Bank Tower, Vista Equity's main office in Austin, Texas.

Vista Equity Partners is a mega-sized asset management firm focused on private equity, public equity, credit, and other strategies. The Firm's private equity group looks to invest in and acquire software and technology enabled services companies. Specific areas of interest include software, software-as-a-service (SaaS), technology-enabled business services, and technology-enabled information services. Vista can commit up to $700 million per transaction and will consider a variety transaction situations, including management/leveraged buyouts, growth or acquisition financings, recapitalizations or restructurings, spinouts, and take privates. Vista Equity Partners was formed in 2000 and is based in Austin, Texas.

DEAL STATS #
Overall 46 of 70
Sector (Internet Software and Services) 10 of 20
Type (Add-on Acquisition) 20 of 35
State (Rhode Island) 1 of 1
Country (United States) 42 of 65
Year (2020) 7 of 7
Size (of disclosed) 14 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-30 Gainsight

San Francisco, California, United States

Gainsight provides a platform that helps companies of all sizes and industries drive durable growth through customer-led and product-led strategies. The Company offers a powerful set of customer success, product experience, and community engagement solutions that together enable businesses to scale efficiently, create alignment, and put the customer at the heart of innovation. Gainsight was formed in 2009 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-13 Pluralsight

Draper, Utah, United States

Pluralsight is a provider of technical skill development solutions. The Company's cloud-based technology learning platform provides a broad range of tools, including skill assessments, a curated library of courses, learning paths, and business analytics. Pluralsight was formed in 2004 and is based in Draper, Utah.

Buy $3.5B
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