Lightspeed, which provides POS technology for multiple industries, last week acquired Upserve, a restaurant technology company, for $430 million.
Montreal-based Lightspeed already serves the restaurant market, but adding Upserve will help it grow its presence further. The Rhode Island-based company offers a suite of services including POS systems, loyalty programs and online and tableside ordering. It generated $40 million in revenue in the year ending Sept. 30, and will add 7,000 restaurants to Lightspeed’s customer base, according to a release.
“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, in a statement.
The deal bolsters Lightspeed’s offering at a time when many restaurants are looking to upgrade or establish their digital capabilities by adding things like online ordering and loyalty programs.