Lightspeed (company)

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Lightspeed
Public
Traded asTSXLSPD
Industry
  • Software
  • Point of Sale
  • eCommerce Software
Founded2005
FounderDax Dasilva
Headquarters
Area served
Worldwide
ProductsLightspeed Retail
Lightspeed eCommerce
Lightspeed OnSite
Lightspeed Restaurant
Websitewww.lightspeedhq.com

Lightspeed is a point-of-sale and e-commerce software provider based in Montreal, Quebec, Canada.[1][2][3][4][5] Lightspeed provides small and medium sized retail and restaurant businesses with point of sale solutions.

There are businesses using Lightspeed in over 100 countries.[6]

History[edit]

Dax Dasilva founded Lightspeed in 2005 to help businesses re-create an online shopping experience that offered convenience, personalization and product information.[2][4][7] DaSilva is a programmer and previously interned with an Apple developer.[4] From 2006 to 2011, the company had a 1900 percent growth and was named one of the fastest growing companies in Canada.[4] In 2012, Profit ranked Lightspeed number 61 on its list of "Canada's 200 fastest growing companies."[8] Accel Partners led a $30 million investment round in 2012.[3][8][9][10][11]

In August of that same year, the company was named winner of the 5th Annual Innovative Award - Software Applications for their product, Lightspeed for iPad, which was designed to offer the ease-of-access, value and speed typical of the online shopping experience to brick-and-mortar retail businesses. Considered the first interactive POS platform of its kind, Lightspeed for iPad armed retailers with powerful sales and inventory management tools and helped to speed up the customer checkout process.[12]

Lightspeed opened its first US office in New York City in March 2013. The 3,000 square foot space, which houses its US sales team and demonstration showroom would come to serve as a training center for retailers. Known for hosting numerous retail innovation seminars, these events were organized to encourage business owners to meet and exchange ideas, insights and best practices with the goal of improving the in-store shopping experiences they offered.[13]

In July 2013, the company launched Lightspeed Retail, an HTML5 web-based product that can be used from any computer.[14][15][16] The product was created by MerchantOS, a Lightspeed acquired point-of-sale software developer.[14][16][17] Lightspeed's customers processed $7.5 billion in 2013.[3]

On June 18, 2014, Lightspeed announced the addition of Advanced Analytics to Lightspeed Retail’s feature roster. Generating over 40 reports that provide real-time sales, employee, payment, vendor, inventory and customer data; the insights retailers could gain would help them easily spot trends and make better business decisions. The type of data analysis the feature yields is comparable to that of wide-scale ERP or business intelligence solutions, but is far more affordable and easier to understand.[18]

In September 2014, Lightspeed closed a $35 million investment round led by iNovia Capital[1][3][10] That month, Lightspeed partnered with Vantiv, a payment processing and technology solutions provider, to develop a payment platform that lets users make transactions within Lightspeed's software.[3] The following month, Lightspeed acquired POSIOS, a Belgium-based mobile hospitality point-of-sale company, to expand into the restaurant industry.[2] By October 2014, Lightspeed served 21,000 businesses and processed $8.2 billion in annual run-rate transactions.[19]

As of April 2015, Lightspeed was being installed in 1,000 new stores every month, its software was being used by 23,000 businesses in more than 30 countries[20] and its transaction volume had increased 120 percent from the previous year. In September of that year, Lightspeed closed a $61 million Series C round of funding led by Caisse de dépôt et placement du Québec and Investissement Québec, with participation from earlier investors Accel Partners and iNovia.[21][22]

In November 2015, Lightspeed acquired Amsterdam-based eCommerce software developer SEOShop, and announced that it would be expanding its product offering to serve both brick-and-mortar and online retailers.[23][24] SEOShop’s eCommerce platform would be rebranded as Lightspeed eCom and further refined to offer a more complete integration with the company’s retail POS software.[25]

In October 2017, Lightspeed POS Inc. has raised about C$200 million ($160 million) in a new round of venture-capital funding, one of the biggest investments for a Canadian startup.[26]

In April 2018, Lightspeed is adding four new members to its board of directors in the “midst of pivotal growth”. Then most notable are Patrick Pichette, the former chief financial officer at Google (and recently-named general partner at inovia capital), and Paul McFeeters, former chief financial officer of OpenText, who has also served on the boards of Hootsuite and Blueprint Software Systems.[27]

In October 2018, Lightspeed POS Inc. Lightspeed Unveils Retail Success Index Tool. "This industry-validated questionnaire is a medium for all independent retailers to determine a score for their business that will reveal new insights and windows for advancement." [28]

At the end of 2018, Lightspeed announced Lightspeed Loyalty, its new platform for customer engagement. The technology comes via the company’s acquisition of Toronto-based ReUp, a digital platform that allows business owners to build a branded loyalty program. [29]

On January 30, 2019, Targeting the "favorite local businesses", Lightspeed Payments rolled out streamlined checkout solution.[30]

The company went public in March 2019 on the Toronto Stock Exchange under the symbol LSPD.[31]

Operations[edit]

Lightspeed has over 700 employees in Montreal, Ottawa, Ghent, Amsterdam, Olympia, London, and New York [2][3][17][32][33] The company has customers in 100 countries, but primarily in the United States, Canada, Australia and England.[4]

References[edit]

  1. ^ a b Jon Russell (October 22, 2014). "Retail Software Startup Lightspeed Now Caters For Restaurants After Buying Belgian Startup POSIOS". TechCrunch. Retrieved December 7, 2014.
  2. ^ a b c d Terry Dawes (October 22, 2014). "LightSpeed Retail Expands Into Restaurant Industry With Acquisition of Belgium's POSIOS". Retrieved December 7, 2014.
  3. ^ a b c d e f Gerrit De Vynck (September 17, 2014). "Lightspeed Plans Payments System With $35 Million Funding". Bloomberg. Retrieved December 7, 2014.
  4. ^ a b c d e Bruce Rogers (February 12, 2014). "Dax Dasilva's Lightspeed Creates 'Apple Store' Experience for Retailers". Forbes. Retrieved December 7, 2014.
  5. ^ Johanne Royer (October 30, 2012). "LightSpeed Retail drives store traffic back up". Retrieved December 7, 2014.
  6. ^ Tracey Greenstein (October 17, 2017). "Lightspeed Closes $166 Million Series D Round Investment".
  7. ^ Max Nisen (November 7, 2013). "Lightspeed Is Helping Stores Kill Off 'Showrooming' For Good". Business Insider. Retrieved December 7, 2014.
  8. ^ a b Christine Dobby (June 12, 2012). "Lightspeed secures US$30-million from Accel". Financial Post. Retrieved December 7, 2014.
  9. ^ Eric Blattberg (January 13, 2014). "Stores using LightSpeed processed $6B in transactions last year". Venture Beat. Retrieved December 7, 2014.
  10. ^ a b Steven Loeb (September 17, 2014). "LightSpeed raises $35M, debuts new payments platform". Retrieved December 7, 2014.
  11. ^ Sarah Lacy (June 11, 2012). "Accel Invests $30M in Lightspeed, and the Top VC Was the One Doing the Wooing". Retrieved December 7, 2014.
  12. ^ "LightSpeed for iPad Wins 5th Annual Innovative Solutions Award at RetailNOW 2012 | Business Wire". www.businesswire.com. Retrieved 2016-05-13.
  13. ^ "LightSpeed To Open First U.S. Headquarters in NYC". Reuters. 2013-03-11. Retrieved 2016-05-13.[dead link]
  14. ^ a b Anthony Ha (July 24, 2013). "You Don't Have To Love Apple To Use Lightspeed's Retail Software, Thanks To Lightspeed Cloud". TechCrunch. Retrieved December 7, 2014.
  15. ^ Joseph Czikk (June 18, 2014). "Montreal's Lightspeed Retail Adds Big Data Analytics To Its Cloud-Based POS System". Retrieved December 7, 2014.
  16. ^ a b Teresa Novellino (July 24, 2013). "Let there be Lightspeed Cloud for retailers without Apple devices". Retrieved December 7, 2014.
  17. ^ a b Terry Dawes (June 11, 2014). "Room At The Top: How Lightspeed Retail Became a Dominant Player in Mobile POS". Retrieved December 7, 2014.
  18. ^ "Montreal's Lightspeed Retail Adds Big Data Analytics to Its Cloud-Based POS System | BetaKit". betakit.com. Retrieved 2016-05-13.
  19. ^ Russell, Jon. "Retail Software Startup LightSpeed Now Caters For Restaurants After Buying Belgian Startup POSIOS". TechCrunch. Retrieved 13 May 2016.
  20. ^ "Montreal's Lightspeed to cash in on changes to outdated U.S. card security". The Globe and Mail. April 27, 2015. Retrieved June 30, 2015.
  21. ^ Lunden, Ingrid. "Lightspeed POS Raises $61M To Boost Its Retail And Restaurant Sales System". www.TechCrunch.com. Retrieved 16 September 2015.
  22. ^ Billings, Mike. "The Daily Startup: Lightspeed POS Grabs $61M for Retail, Restaurant Platform". WSJ. Retrieved 2016-05-13.
  23. ^ Dawes, Terry. "Montreal's Lightspeed launches eCom platform for North American market". Cantech Letter. Retrieved 13 May 2016.
  24. ^ "Lightspeed Takes on Shopify with Launch of Ecommerce Platform". Techvibes. Retrieved 13 May 2016.
  25. ^ Ha, Anthony. "Retail Software Maker Lightspeed POS Acquires SEOshop For E-Commerce Push". TechCrunch. Retrieved 13 May 2016.
  26. ^ George-Cosh, David. "Lightspeed POS Receives Among the Largest Investments for a Canadian Startup". TheWallStreetJournal. Retrieved 17 October 2017.
  27. ^ Galang, Jessica. "Former Google, OpenText CFOs join Lightspeed's board". Betakit. Retrieved 11 November 2018.
  28. ^ "Lightspeed Unveils Revolutionary 'Retail Success Index' Educational Tool". Retail Insider. Retrieved 16 October 2018.
  29. ^ Caitlin, Hotchkiss. "Lightspeed acquires REUP, rebrands it to Lightspeed Loyalty". Betakit. Retrieved 14 December 2018.
  30. ^ "Lightspeed Launches its payments system". The Globe And Mail. Retrieved 2019-01-30.
  31. ^ "LIGHTSPEED SHARES SURGE AFTER TSX IPO". Betakit. Retrieved 2019-03-11.
  32. ^ Jason Magder (September 16, 2014). "Lightspeed software company growing in a hurry". Montreal Gazette. Archived from the original on 2014-12-10. Retrieved December 7, 2014.
  33. ^ "Montreal's Lightspeed targets U.S. as credit card security rules shift". Financial Post. May 25, 2015. Retrieved June 30, 2015.

External links[edit]