News Summary

Montréal-based Lightspeed Commerce has sold its US hospitality business unit, Upserve, to private equity firm Skyview Equity for up to $81 million USD ($111 million CAD) in cash. This transaction is part of Lightspeed’s ongoing transformation plan to focus on its core growth areas in North America and Europe. The sale price is significantly lower than the $430 million Lightspeed originally paid for Upserve in 2020. The divestment is expected to enhance Lightspeed’s revenue growth trajectory and provide more flexibility for strategic investments. The deal involves 3,200 US hospitality customer locations and approximately 70 employees who will transition to Skyview. Lightspeed’s CEO, Dax Dasilva, emphasized that the sale aligns with the company’s strategy to concentrate on markets where it has a strong competitive advantage. The company’s revenue has exceeded expectations, but it continues to post net losses. Looking ahead, Lightspeed anticipates improved financial performance, projecting adjusted EBITDA between $75 and $95 million for the current fiscal year.