ShopKeep Acquisition, Valuation, Funding & Investors

ShopKeep was acquired by Lightspeed Commerce for $565M in November 2020, a 11.3x multiple on $50M of revenue.

ShopKeep acquisition price

$565M

Acquired by Lightspeed Commerce · Nov 2020

ShopKeep revenue at acquisition

$50M

Last twelve months · Nov 2020

ShopKeep revenue multiple at acquisition

11.3x

EV/Revenue · Nov 2020

Cumulative funding ShopKeep raised

$125M

across 3 funding rounds

ShopKeep Overview

About ShopKeep

ShopKeep was a cloud-based point-of-sale platform for small and medium-sized retail and restaurant businesses, offering mobile payment processing, inventory management, and business reporting from iPad-based terminals. Founded in 2008 and based in New York City, it served around 20,000 merchant locations across the U.S. and Canada generating roughly $7 billion in annual gross transaction volume, and grew through acquisitions including Ambur and payment processor Payment Revolution before being acquired by Lightspeed POS in 2020.


Founded

2008

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$50M (Nov 2020)

Valuation

$565M (acquired Nov 2020)

ShopKeep Acquisition

ShopKeep was acquired by Lightspeed Commerce for $565M on 5 November 2020.

The acquisition price implies a 11.3x revenue multiple on $50M of revenue.

Before the acquisition ShopKeep had raised $125M across 3 funding rounds.

ShopKeep Inc., founded in 2008, was a cloud-based point-of-sale (POS) platform provider based in New York City serving approximately 20,000 retail and restaurant customer locations across the United States. The company generated roughly $7 billion in gross transaction volume annually and had raised $137.2 million in equity funding from investors including Tribeca Venture Partners, Canaan Partners, Salesforce Ventures, and others. Lightspeed POS Inc., a Montreal-based provider of omnichannel cloud commerce platforms, announced the acquisition on November 5, 2020, to reinforce its market leadership in the SMB commerce sector during the accelerating digital transformation driven by the COVID-19 pandemic. The strategic combination aimed to expand Lightspeed's U.S. market presence, integrate ShopKeep's merchant customer base into Lightspeed's broader product ecosystem, and create synergies through cross-selling and consolidated payments operations. The acquisition was valued at approximately $565 million in total consideration, comprising $145.2 million in cash and 7,437,397 subordinate voting shares in Lightspeed (valued at approximately $420 million based on the November 23, 2020 closing stock price), with ShopKeep's stock option plan also converting into options for 1,254,534 Lightspeed shares. The transaction closed on November 25, 2020, bringing the combined entity to over 100,000 customer locations worldwide generating approximately $33 billion in annual gross transaction volume.

ShopKeep acquisition details
AcquirerDateTypePriceEV/Revenue
5 Nov 2020Strategic M&A$565M11.3x

ShopKeep Funding History

ShopKeep has raised a total of $125M across 3 funding rounds.

ShopKeep's first fundraising round was a $25M Series C in April 2014. The most recent completed round was a $65M Series E in December 2018.

ShopKeep funding rounds

ShopKeep funding rounds
DateStageInvestorsRaisedDeal Summary
Dec 2018Series ETribeca Venture Partners (lead); Salesforce Ventures; Square 1 Bank; ORIX Growth Capital; First Data Corporation$65MShopKeep was a cloud-based point-of-sale and commerce platform serving small and medium-sized businesses, particularly in the restaurant and retail sectors. The company generated approximately $50 million in revenue on a trailing twelve-month basis as of September 2020, when it was acquired by Lightspeed POS. ShopKeep also processed approximately $7 billion in gross transaction volume during the same period.
Jul 2015Series DActivant Capital (lead); TTV Capital; Canaan Partners; Tribeca Venture Partners; Contour Venture Partners; Thayer Street Partners$35MShopKeep, a New York-based provider of iPad-based point-of-sale (POS) solutions for merchants, raised $60 million in a Series D funding round led by Activant Capital. The round focused on expanding ShopKeep's cloud-based POS system, which targets small and medium-sized businesses with mobile payment processing and inventory management features.
Apr 2014Series CThayer Street Partners (lead); TTV Capital; Canaan Partners; Thomas Glocer; Tribeca Venture Partners; Matt Coffin; Contour Venture Partners$25M-

Who has invested in ShopKeep?

12 investors have backed ShopKeep across its funding rounds, including Tribeca Venture Partners, Canaan Partners, Contour Venture Partners, TTV Capital, Thayer Street Partners and Salesforce Ventures.

Lead investors include Tribeca Venture Partners, Activant Capital and Thayer Street Partners.


ShopKeep Investors

Investors in ShopKeep by funding rounds participated
InvestorHQRoundsRoleFirst check
Tribeca Venture PartnersUnited StatesNew York City, NY3LeadApr 2014
TTV CapitalUnited StatesAtlanta, GA2ParticipantApr 2014
Canaan PartnersUnited StatesUnited States2ParticipantApr 2014
Contour Venture PartnersUnited StatesNew York City, NY2ParticipantApr 2014
Thayer Street PartnersUnited StatesNew York City, NY2LeadApr 2014
Salesforce VenturesUnited StatesSan Francisco, CA1ParticipantDec 2018
Square 1 BankUnited StatesDurham, NC1ParticipantDec 2018
ORIX Growth CapitalUnited StatesUnited States1ParticipantDec 2018
Thomas GlocerUnited StatesNew York City, NY1ParticipantApr 2014
First Data CorporationUnited StatesAtlanta, GA1ParticipantDec 2018

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Acquisitions by ShopKeep

ShopKeep has acquired 4 companies to date.

Last acquisition by ShopKeep was on March 14th 2017. ShopKeep acquired Meerchant for undisclosed valuation.


Latest Acquisitions by ShopKeep

Meerchant
Refulgent Software
Ambur
Payment Revolution
Description
Meerchant is a Miami-headquartered IoT solutions provider automating retail operations for small and medium businesses. Its platform integrates sensors for inventory management, customer analytics, and dynamic pricing displays in physical stores. Founded in 2014, Meerchant deploys hardware kits that generate revenue through advertising and data insights.
Refulgent Software is a provider of Ambur POS software for iOS devices in foodservice. Launched in 2012 and based in San Diego, it integrates with receipt printers and card readers for 5,000 restaurants, bars, and trucks, offering inventory tracking and sales analytics.
Ambur is a point-of-sale iOS application for food service venues, using one iPad as a local data hub connected via Wi-Fi to iPhones and iPods for table-side order taking and wireless kitchen printing. Features encompass credit card processing, reservation management, customer relationship tools, and financial analysis. Targeted at restaurants, it streamlines operations in high-pressure environments.
Payment Revolution is a PCI-compliant payment processor enabling merchants to accept credit cards, ACH, and digital wallets through a single API. Headquartered in Miami, Florida, its platform integrates with e-commerce sites like Shopify and WooCommerce, supporting transactions in 15 currencies. Merchants in retail and hospitality use its fraud detection tools powered by machine learning.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
San Francisco, CA
Amherst, MA
Buffalo, NY
New York City, NY
Deal Date14 Mar 20178 Dec 201517 Sep 201525 Mar 2015
Valuationundisclosedundisclosed$1Mundisclosed
EV/Revenue
EV/EBITDA

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ShopKeep Competitors

ShopKeep competitors include listed companies like Huitongda Network and PAR Technology, and private ones like Homebase, Khatabook, GlossGenius and Meiwei Buyongdeng.

Public and private companies comparable to ShopKeep
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HomebaseUnited StatesSan Francisco, CAPrivate--$550M-
KhatabookIndiaBangalorePrivate$9M-$600M66.7x
GlossGeniusUnited StatesNew York City, NYPrivate$100M-$510M5.1x
Meiwei BuyongdengChinaShanghaiPrivate--$628M-
Huitongda NetworkChinaChinaPublicly listed$7.8B$112M$497M0.0x
PAR TechnologyUnited StatesUnited StatesPublicly listed$456M($27M)$661M2.0x

ShopKeep Public Comps

ShopKeep is no longer listed, but its public comps include Huitongda Network, PAR Technology, Smaregi, Pro-Ship, Turn Cloud Technology, Shiprocket, Eagle Eye, NCR Voyix, Vectron Sys and GrocerIQ.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Huitongda Network$7.8B$112M0.0x0.0x0.3x0.3x
PAR Technology$456M($27M)2.2x2.0x(38.0x)24.4x
Smaregi$86M$24M4.4x4.2x15.6x14.2x
Pro-Ship$54M$21M5.5x4.9x14.2x13.4x
Turn Cloud Technology$25M$7M12.1x-42.2x-
Shiprocket$211M($7M)4.3x-(131.1x)-
Eagle Eye$65M$15M2.6x2.6x11.6x12.3x
NCR Voyix$2.7B$252M0.8x1.0x8.9x5.2x

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Common questions about ShopKeep

When was ShopKeep founded?ShopKeep was founded in 2008.
Where is ShopKeep headquartered?ShopKeep is headquartered in United States.
Is ShopKeep publicly listed?No, ShopKeep was acquired by Lightspeed Commerce in November 2020.
Who acquired ShopKeep?ShopKeep was acquired by Lightspeed Commerce in November 2020.
How much was ShopKeep acquired for?ShopKeep was acquired for $565M in November 2020, a 11.3x revenue multiple.
How much funding has ShopKeep raised?ShopKeep has raised $125M across 3 funding rounds.
What was ShopKeep's last funding round?ShopKeep's last funding round was a $65M Series E in December 2018, led by Tribeca Venture Partners.
Who are ShopKeep's investors?ShopKeep's investors include Tribeca Venture Partners, TTV Capital, Canaan Partners, Contour Venture Partners, Thayer Street Partners, Salesforce Ventures, Square 1 Bank, ORIX Growth Capital, Thomas Glocer, First Data Corporation and 2 others.
Which companies are comparable to ShopKeep?Companies comparable to ShopKeep include Homebase, Khatabook, GlossGenius, Meiwei Buyongdeng, Huitongda Network and PAR Technology.
How many companies has ShopKeep acquired?ShopKeep has acquired 4 companies, including Meerchant, Refulgent Software, Ambur and Payment Revolution.
What was the largest acquisition by ShopKeep?The $1M acquisition of Ambur in September 2015 is the largest acquisition ShopKeep has made to date.

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