Lightspeed POS Inc. acquires Upserve Inc. for US$430 million

On Dec. 1, 2020, Lightspeed POS Inc. (Lightspeed) acquired Upserve Inc. (Upserve), from Vista Equity Partners, for US$430 million. The union of the two companies’ teams and technology will provide independent restaurants in the U.S., from fine-dine to multi-location fast-casual, one of the most competitive hospitality platforms on the market and enable the industry to more easily navigate the new dining needs made permanent by the COVID-19 pandemic. 

Upserve is a leading restaurant management cloud-software company based in Providence, Rhode Island. Upserve became a portfolio company of Vista Equity Partners after Vista Foundation Fund III made an investment in Upserve in July 2017. 

Vista Equity Partners is an investment firm focused on financing and forwarding software, data and technology-enabled startup businesses, headquartered in Austin, Texas.

Lightspeed is a leading provider of cloud-based, omnichannel commerce platforms based in Montreal, Quebec. 

McCarthy Tétrault LLP advised Vista Equity Partners with a team led by 
Shevaun McGrath
Heidi Gordon,
and which included Patrick Boucher.

Kirkland & Ellis LLP acted as co-counsel.

Morgan, Lewis & Bockius acted as opposing counsel.