Lightspeed Announces Closing Of Acquisition Of NuORDER
Acquisition establishes global commerce platform as industry-leading bridge between merchants and suppliers
Lightspeed the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today announced the closing of the previously reported acquisition of NuORDER, a transformative digital platform connecting businesses and suppliers. Lightspeed finalized the acquisition for cash consideration of approximately $206.9 million, net of cash acquired, and the issuance of 2,143,393 subordinate voting shares in the capital of Lightspeed at closing, subject to customary post-closing adjustments. An additional 500,629 subordinate voting shares in the capital of Lightspeed will be issued to certain NuORDER employees over the next three years, contingent on the achievement of certain milestones.
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The acquisition establishes Lightspeed as a global distribution network for leading brands, capitalizing on the early success of the Lightspeed Supplier Network to simplify product ordering for retailers and offer suppliers such as Canada Goose, Converse and Arc’teryx critical insights into how their products move. NuORDER currently serves over 3,000 brands and saw more than 100,000 retailers process more than $11.5 billion in orders through its platform in the trailing twelve-month period ended March 31, 2021. NuORDER generated revenue1 of over $20 million and grew at a rate exceeding 30% year-over-year during the same period.