Canadian Ecommerce Giant Gobbles Up Two SoCal E-Retail Startups
The Canadian point-of-sales software company Lightspeed has nabbed two Southern California ecommerce startups as online shopping continues to soar.
Lightspeed is acquiring the Encinitas-based ecommerce site Ecwid for an estimated $500 million. For $425 million it'll buy NuORDER, a Los Angeles platform connecting retailers and wholesalers to brands like Steve Madden and Helmut Lang.
Both deals, though not contingent on each other, are expected to close during the quarter ending on Sept. 30.
"By joining forces with Ecwid and NuORDER, Lightspeed becomes the common thread uniting merchants, suppliers and consumers," said Dax Dasilva, founder and CEO of Lightspeed, in a statement.
The publicly-traded company was founded in 2005. Its customers span retail, ecommerce, hospitality businesses and golf courses.
Lightspeed plans to reach more shoppers on social media and digital marketplaces with Ecwid's tech. The site, designed for small business owners to set up online stores, boasts more than 130,000 paying customers in over 100 countries.
"The distinction between online and brick-and-mortar retail has disappeared," Ecwid CEO's Ruslan Fazlyev said in a statement. "Lightspeed and Ecwid, two best-in-class platforms, will unite to truly empower businesses."The deal with NuORDER will help Lightspeed grow out its financial services and ordering functions for merchants and suppliers. The L.A. startup says it serves 3,000 brands and saw 100,000 retailers pull in some $11.5 billion in orders through its platform in the yearlong period ending March 31.
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