PROVIDENCE – Upserve Inc. was acquired for $430 million by Lightspeed POS Inc., a point-of-sale and e-commerce software provider based in Montreal, Canada, the companies announced Tuesday night.
The acquisition included $123 million in cash considerations and company stock. The deal closed on Tuesday.
Upserve, a restaurant management software company, is headquartered in downtown Providence and has offices in Denver.
“Combining forces with Upserve is a strategic next-step in Lightspeed’s vision of providing the most advanced commerce platform to high-performing businesses around the world,” said Dax Dasilva, founder and CEO of Lightspeed. “We believe this acquisition will accelerate the product innovation that has enabled Lightspeed customers to tackle the greatest challenge to their industry in decades and will add exceptional leadership to our teams in anticipation of the economic recovery of the global hospitality industry.”
In the acquisition announcement, Lightspeed said that Upserve reported $40 million in revenue for the trailing 12-month period ending Sept. 30.
The acquisition is not expected to affect Upserve’s operations in Providence, according to the company, with the entire Upserve team joining the ranks of Lightspeed. The company will also take on the One Lightspeed brand in the long term, as was the case in previous Lightspeed acquisitions, Upserve said.
Sheryl Hoskins, CEO of Upserve, will continue leading the Upserve team and will take on a senior leadership role within the Lightspeed organization, a company spokesperson told PBN.
