MONTREAL (BRAIN) — E-commerce platform Lightspeed announced Monday that it entered an agreement to acquire Ecwid, a U.S.-based e-commerce company that specializes in helping customers create a standalone business, and NuORDER, another platform that connects businesses and suppliers.
Lightspeed said in a news release that it will purchase Ecwid, with more than 130,000 paying customers in more than 100 countries, for about $500 million. NuORDER, with more than 3,000 brands, will be purchased for about $425 million. Both deals are expected to close Sept. 30.
"The addition of both Ecwid and NuORDER talent and technologies will further reinforce Lightspeed as a leader in all of our verticals, including bicycle, which has seen positive growth throughout the previous fiscal year," said Michael DeSimone, Litespeed's retail general manager. "We have long been a leader and top choice in commerce solutions for bicycle retailers, as we have the ability to support their complex businesses. These upcoming acquisitions offer newfound flexibility for these merchants, making tasks like connecting with more suppliers and improving supply-chain challenges, a seamless experience for the retailer, supplier and ultimately the customer."
Ecwid generated revenue of more than $20 million growing at a rate of more than 50% year-over-year for the period ending March 31. NuORDER had more than 100,000 retailers make more than $11.5 billion in orders through its platform year-over-year for the period also ending March 31. It also generated over $20 million in revenue.
The company said the acquisitions will provide Lightspeed customers new entry points to the digital landscape, supply-chain management, and increased opportunities to provide improved online customer experience.
"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, Lightspeed founder and CEO.
Lightspeed provides small and medium-sized businesses with cloud-based, omnichannel commerce platforms in more than 100 countries. Lightspeed provides all-in-one point-of-sale solutions with its product suite enabling businesses to sell across channels, manage operations, engage with consumers, accept payments, and ultimately grow their business.
