Lightspeed to acquire NuOrder and Ecwid
Canadian cloud-based e-commerce technology company Lightspeed announced on Monday the acquisition of both NuOrder, a digital wholesale platform connecting businesses and suppliers, and Ecwid, a U.S.-based global e-commerce platform, for a combined $925 million.
"By joining forces with Ecwid and NuOrder, Lightspeed becomes the common thread uniting merchants, suppliers and consumers, a transformation we believe will enable innovative retailers to adapt to the new world of commerce," said Dax Dasilva, founder and CEO of Lightspeed.
"As economies reopen and business creation accelerates, we hope to embolden entrepreneurs with the tools they need to simplify their operations and scale their ambitions.”
Lightspeed will acquire NuOrder for a consideration of about $425 million, with plans to create an industry-leading bridge between the merchant and supplier experience. NuOrder currently serves over 3,000 brands and saw more than 100,000 retailers make more than $11.5 billion in orders through its platform in the trailing twelve month period ended March 31, 2021. The acquisition follows the strong initial reception and success of the Lightspeed Supplier Network. The deal is expected to close during the quarter ended September 30, 2021.
"At NuOrder, we have been on a journey to revolutionize retail by building a global network for brands and retailers. The coming together of Lightspeed and NuOrder accelerates that vision exponentially. The power of connected commerce comes to life now," said NuOrder co-founders and co-CEOs, Olivia Skuza and Heath Wells.
Likewise, Lightspeed will acquire Ecwid for a consideration of about $500 million. Once integrated, the combination of Lightspeed and Ecwid will help merchants to reach shoppers where they are, whether on social media or digital marketplaces, ushering in newfound selling flexibility and omnichannel experiences.
It currently serves over 130,000 paying customers in over 100 countries around the world. In the period ended March 31, 2021, Ecwid generated revenue of over $20 million, growing at a rate of more than 50 percent year-over-year. The deal is also expected to close during the quarter ended September 30.
"The distinction between online and brick-and-mortar retail has disappeared. Lightspeed and Ecwid, two best-in-class platforms, will unite to truly empower businesses. By eliminating the barriers merchants face when selling online, we will only more rapidly achieve our common vision of democratizing retail for independent businesses worldwide and enrich the communities they serve," added Ecwid CEO, Ruslan Fazlyev.
Lightspeed, which went public on the Toronto Stock Exchange in 2019 and most recently debuted on the New York Stock Exchange, has been on what feels like an acquisition spree.
Most recently, it also acquired fellow Canadian cloud commerce platform provider ShopKeep Inc for $440 million in cash and shares. Others include Montreal-based Chronogolf, Sydney-based Kounta and Berlin-based Gastrofix.
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