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Vend (software)

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Vend Limited
Company typePrivate
IndustryPoint of sale
Founded2010
FounderVaughan Rowsell
Headquarters
Auckland
,
New Zealand
Area served
United States, United Kingdom, Australia, Canada, New Zealand
Key people
Ana Wight (CEO)
Services
  • Point-of-sale
  • Ecommerce
  • Retail training
OwnerLightspeed Commerce, Inc.
Number of employees
459 (2019)
Websitevendhq.com
Previous logo

Vend is cloud-based point-of-sale and retail management software company, based in Auckland, New Zealand. The company was founded in 2010 by Vaughan Rowsell. It was acquired by the Australian software company Kounta.

History

Vend was launched in August 2010[1] by software developer Vaughan Rowsell.[2]

In 2013, Vend raised NZ $8 million of funding from investors in Australia and New Zealand.[3] Further capital has also been raised from existing investors including Point Nine Capital in Berlin.

The following year, Vend closed US $20 million (NZ $25 million) in Series B funding. The funding round was co-lead by Peter Thiel and Square Peg Capital in Australia.[4] Later in 2014, the company also opened offices in Toronto and London. In August 2015, Vend announced that it had raised NZ $12 million, mainly from existing investors along with new entrant Punakaiki Fund. The company also announced cuts to staff.[5]

In 2015, Vend launched Vend Ecommerce.[6] It also announced a partnership with UK payments provider iZettle,[7] and North American payments provider Mercury (now Vantiv).

In 2016, the company partnered with Square to enable retailers who use Vend's software to process payments with Square.[8]

In 2016 Vend also launched an app for inventory management named Counter.[9]

At the end of 2016, Vend raised a further US $9 million (NZ $13 million) led by existing investors, and with significant new investment from fund manager Movac. In 2016 Vend grew its UK staff to 20 and opened a new office in East London.[10]

In 2017, Vend renamed its inventory app Counter to Scanner by Vend.[11]

On 12 March 2021, Vend was sold to Lightspeed POS Inc. for US $350 million (NZ $455 million).[12]

Features

Vend's services include web-based POS software, inventory management, E-commerce, customer loyalty, and reporting analytics. Vend integrates with other business and payments applications including Shopify, Square, Xero and PayPal.[13]

Vend's software allows merchants to generate reports on sales, inventory, and customer behavior. Vend Ecommerce and integrations with partners like Shopify and WooCommerce enable retailers to sell online.[14]

Technology

Vend uses HTML5 features in Google Chrome and Safari to implement offline processing capabilities.[2]

  • A webSQL database built into the browser provides local inventory storage so sales can be processed offline and all stock levels updated.
  • HTML5’s offline manifest tells the browser to take copies of certain files and pages for offline use.
  • WebSocket (another element of HTML5) allows Vend to talk to other devices on a local network, interfacing with hardware such as an EFTPOS unit or other payment devices.

Aside from being compatible with mobile browsers, Vend also has an iOS app called Vend Register.[15]

Awards and recognition

  • 2011 NZ Innovators Awards – ICT category and Supreme Award[16]
  • 2014 NZ Hi-Tech Awards – IBM Hi-Tech Exporter of the Year (under $5 million revenue) and Cisco Hi-Tech Emerging Company of the Year categories[17]
  • 2014 Gold Stevie Award for Vend's homepage video (American Business Awards)[18]
  • 2014 Monocle Magazines's Top 25 in Retail[19]
  • 2015 Gold Stevie Award for Customer Service (American Business Awards)[20]
  • 2015 Silver Stevie Award for Vend's video with TopShelf Style (American Business Awards)[21][22]
  • 2015 Deloitte NZ Fast50 – 7th fastest growing company in NZ[23]
  • 2015 Industry Specific App of the Year – Xero UK[24]
  • 2016 Deloitte NZ Fast50 – 38th fastest growing company in NZ[25]
  • 2016 TIN100 Hot Emerging Companies New Zealand (2nd)[26]
  • 2017 Vend named as the best all-in-one POS system for small businesses by Business News Daily[27]
  • 2019 Newsweek Best Business Tools – POS[28]

References

  1. ^ "Innovators Awards: Supreme/IT winner, Vend". idealog.co.nz. 21 October 2011. Retrieved 7 January 2018.
  2. ^ a b "Cloud-based cash registers slash POS costs – Storage". boxfreeit.com. Retrieved 7 January 2018.
  3. ^ "Vend gets $8m in new money". The New Zealand Herald. 15 May 2013. Retrieved 16 March 2017.
  4. ^ "Vend Closes $20M in Series B". www.vcnewsdaily.com. Retrieved 16 March 2017.
  5. ^ "Vend Raises $12 million, confirms cuts to local staff". nbr.co.nz. 19 August 2015. Retrieved 17 September 2018.
  6. ^ Kepes, Ben. "Vend Adds E-commerce To Its Point Of Sale Offering". Forbes. Retrieved 16 March 2017.
  7. ^ "Vend & iZettle Get Together in Perfect Match | Payment Week". Payment Week. 29 January 2015. Retrieved 16 March 2017.
  8. ^ Etherington, Darrell. "Square brings payment and capital offerings to TouchBistro and Vend customers". TechCrunch. Retrieved 16 March 2017.
  9. ^ "Vend introduces barcode scanner app". Retail World Magazine. Retrieved 16 March 2017.
  10. ^ "Vend completes $13m capital raise". The National Business Review. 22 December 2016. Retrieved 16 March 2017.
  11. ^ "Scanner | Inventory Barcode Scanner for Retail on the App Store". App Store. Retrieved 18 September 2017.
  12. ^ "NZ retail software company Vend sold for $455m". NZ Herald. Retrieved 12 March 2021.
  13. ^ "Vend Review 2017 | Reviews, Ratings, Complaints, Comparisons". Merchant Maverick. Retrieved 16 March 2017.
  14. ^ "Click & Collect in Vend Ecommerce". How can we help?. Retrieved 16 March 2017.
  15. ^ "Vend Register App". www.vendhq.com. Retrieved 19 November 2015.
  16. ^ Administrator. "NZIA – Winners 2011". www.innovators.org.nz. Retrieved 16 March 2017.
  17. ^ "2014 NZ Hi-Tech Award Winners Announced — NZ Hi-Tech Awards". www.hitech.org.nz. Retrieved 16 March 2017.
  18. ^ "Video Awards | Stevie Awards". stevieawards.com. Retrieved 16 March 2017.
  19. ^ "Vend named as one of Monocle Magazine's Top 25 in Retail Award winners – Vend Retail Blog". Vend Retail Blog. 24 March 2014. Retrieved 16 March 2017.
  20. ^ "Customer Service Awards | Stevie Awards". stevieawards.com. Retrieved 16 March 2017.
  21. ^ "Video Awards Winners | Stevie Awards". stevieawards.com. Retrieved 16 March 2017.
  22. ^ "Video Awards Winners – Stevie Awards". stevieawards.com. Retrieved 7 January 2018.
  23. ^ Digital, Born. "Results". www.deloitteprivate.co.nz. Retrieved 16 March 2017.
  24. ^ "Celebrating our partners: Xero Awards London 2015 |Xero Blog". Xero Blog. 11 February 2015. Retrieved 16 March 2017.
  25. ^ Deloitte. "Deloitte Fast 50 2016 | results". www.deloitteprivate.co.nz. Retrieved 16 March 2017.
  26. ^ "Technology Investment Network | NZ Technology Companies | TIN". www.tin100.com. Archived from the original on 17 March 2017.
  27. ^ "Vend Review: Best All-In-One POS System for Small Business". Business News Daily. Retrieved 16 March 2017.
  28. ^ "Payment & eCommerce Software". Newsweek. 14 June 2019.
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