Lightspeed to bolster Asia-Pacific presence with acquisition of Australia-based Kounta
Lightspeed POS has entered into an agreement to acquire Kounta Holdings, an Australian, cloud-based POS solution provider for small-and-medium-sized businesses (SMBs) in the hospitality industry.
The closing of the acquisition for Kounta would mark the third acquisition for Lightspeed this year.
The deal, while subject to closing conditions, is expected to close before the end of October. Montreal-based Lightspeed is set to acquire all of the outstanding shares of Kounta for approximately $46.2 million CAD ($35.3 million USD) in cash and the issuance of 306,290 subordinate voting shares in the capital of Lightspeed, at a value of $25.054 USD per share.
The acquisition deal also has additional terms that require Kounta to reach agreed-upon milestones. If certain (undisclosed) Kounta employees continue to be employed by the company they will receive $7.5 million USD in deferred cash consideration along with the issuance of 299,692 Lightspeed subordinate voting shares, through to October 2021.
Founded in 2012, Kounta is an Australian FinTech startup that offers device-agnostic POS solutions and business management systems for the restaurant and hospitality industry. To date, the company claims to have more than 7,000 customers across Australia and New Zealand.
To read more, please click on the link below…