This is big news. Ecwid has gone from a simple payment gateway to a mini-Shopify to, I assume, a direct competitor to Shopify with the weight and financing of Lightspeed. Lightspeed will gain a foothold in a new and growing market segment.
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Of course we need to get some details from the press release, Lightspeed to acquire Ecwid and NuORDER to unify commerce ecosystem and ignite business creation: “Ecwid currently serves over 130,000 paying customers in over 100 countries around the world. In the period ended March 31, 2021, Ecwid generated revenue2 of over $20 million, growing at a rate of more than 50% year-over-year. Lightspeed will acquire Ecwid for total estimated consideration of approximately $500 million, satisfied by way of payment on closing of approximately $175 million in cash and issuance of subordinate voting shares in the capital of Lightspeed valued at approximately $325 million. The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close during the quarter ended September 30, 2021 after the receipt of applicable regulatory approvals.”