Business
Lightspeed Announces Closing of Acquisition of Ecwid
Lightspeed Announces Closing of Acquisition of Ecwid PR Newswire Ac...
About this update from Lightspeed Commerce Inc
[{"type":"text","content":"\n \n \n \n Lightspeed Announces Closing of Acquisition of Ecwid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n \n Acquisition will provide merchants newfound selling flexibility and omnichannel experiences, expanded by new partnership with TikTok\n \n \n \n \n \n MONTREAL\n \n ,\n \n Oct. 1, 2021\n \n /PRNewswire/ - Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today announced the closing of the previously reported acquisition of Ecwid, a best-in-class, global eCommerce platform, that allows customers to create standalone businesses in minutes. Lightspeed finalized the acquisition for cash consideration of approximately\n \n $163.6 million\n \n , net of cash acquired, and the issuance at closing of 4,842,674 subordinate voting shares in the capital of Lightspeed, of which 371,088 are subject to a right of buyback for nominal consideration in favour of Lightspeed if certain milestones are not achieved over the next two years, subject to customary post-closing adjustments.\n \n \n \n \n \n \n \n \n \n Contingent on the achievement of certain milestones, an additional\n \n $12.8 million\n \n in deferred cash consideration is payable, along with the issuance of 41,411 subordinate voting shares in the capital of Lightspeed, to certain Ecwid employees over the next two years. In addition, a total of 49,875 restricted share units will be granted to certain Ecwid employees as acquisition consideration.\n \n \n Once integrated, the combination of Lightspeed and Ecwid will help merchants reach shoppers where they are, whether on social media or digital marketplaces, ushering in newfound selling flexibility and omnichannel experiences.\n \n \n Ecwid recently announced a partnership with TikTok to help shape the future of buying on the social media platform and strengthen the ways it's bringing shopping experiences to the community. The partnership will also help Lightspeed's merchants seamlessly access core fun...