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Lightspeed to acquire Ecwid and NuOrder

Business

Lightspeed to acquire Ecwid and NuOrder

By Kristopher Fraser

Jun 7, 2021

Lightspeed, a one-stop commerce platform used for merchants to simplify, scale and create exceptional customer experiences, has entered into definitive agreements to acquire Ecwid and NuOrder. Once closed, the acquisitions will provide Lightspeed customers new entry points to the digital economy, expanded supply chain management, as well as increased opportunities to provide outstanding customer experiences online.

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. As for Lightspeed and NuOrder, they will create an industry-leading bridge between the merchant and supplier experience, simplifying product ordering for retailers and offering brands crucial insight into how their products move. The acquisition will capitalize on the early success of the Lightspeed Supplier Network and accelerate the growth of Lightspeed’s financial services offerings, including Lightspeed Payments and Lightspeed Capital, while establishing the company as a global distribution network for leading brands, such as Canada Goose, Converse and Arc’teryx.

“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, in a statement. “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.”

“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,” said Ecwid CEO, Ruslan Fazlyev, in a statement. “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.”

“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-CEO’s Olivia Skuza and Heath Wells, in statement. “We are thrilled to join forces with Lightspeed to unlock transformative value for brands and retailers globally. This represents an inflection point in the history of retail.”

Subsequent to the closing of the acquisitions of Ecwid and NuOrder, Lightspeed will serve as the technology partner of choice for hundreds of thousands of customer locations and thousands of suppliers worldwide.

Ecwid currently serves over 130,000 paying customers in over 100 countries around the world. In the period ended March 31, Ecwid generated revenue of over 20 million dollars, growing at a rate of more than 50 percent year-over-year. Lightspeed will acquire Ecwid for total estimated consideration of approximately 500 million dollars, satisfied by way of payment on closing of approximately 175 million dollars in cash and issuance of subordinate voting shares in the capital of Lightspeed valued at approximately 325 million dollars. The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close during the quarter ended September 30, after the receipt of applicable regulatory approvals. Morgan Stanley & Co. LLC served as exclusive financial advisor to Ecwid and RBC served as advisor to Lightspeed on the Ecwid transaction.

NuOrder currently serves over 3,000 brands and saw more than 100,000 retailers make more than 11.5 billion dollars in orders through its platform in the trailing twelve month period ended March 31. It generated revenue of over 20 million dollars and grew at a rate exceeding 30 percent year-over-year during the same period. Lightspeed will acquire NuOrder for total estimated consideration of approximately 425 million dollars, satisfied by way of payment on closing of approximately 212.5 million dollars in cash and the issuance of subordinate voting shares in the capital of Lightspeed valued at approximately 212.5 million dollars. The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close during the quarter ended September 30, after the receipt of applicable regulatory approvals. The closing of the two acquisitions are not contingent on each other.