Canadian payments software firm Lightspeed explores sale, sources say
Adds stock price change in paragraph 4
By Milana Vinn
SAN FRANCISCO, Sept 25 (Reuters) -Lightspeed Commerce LSPD.TO, a Canadian payments software maker with a market value of C$2.8 billion ($2.08 billion), is working with a financial adviser to explore options including a potential sale, according to people familiar with the matter.
The sale talks come months after the Montreal-based company replaced its CEO Jean Paul Chauvet and brought back founder Dax Dasilva at the helm, as investors raised concerns over the company's plan to prioritize growth over profitability following disappointing quarterly results in February.
Lightspeed has tapped investment bankers at JPMorgan Chase JPM.N to evaluate its options and solicit interest from potential buyers, which could include private equity firms, the sources said, requesting anonymity as the discussions are confidential.
The talks are at an early stage and a deal is not guaranteed, the sources said. Lightspeed's U.S.-listed shares jumped as much as 17% on Wednesday after Reuters reported on the sale talks.
Lightspeed and JPMorgan declined to comment.
The company's recent share price performance and Advent International's recent buyout of rival Canadian payments firm Nuvei has prompted Dasilva to stay open to the option of the company being taken private, he told Bloomberg in a March interview.
Lightspeed's stock has lost more than a third of its value since the company went public about five years ago, as weak consumer spending weighed on its performance. Its shares are currently trading at C$18.79, having peaked at C$155 in 2021 when it rode a wave of investor enthusiasm for financial technology providers that thrived during the COVID-19 pandemic.
The company's shares tanked later in 2021 after short-seller Spruce Point Capital published a report alleging that the company had inflated its numbers following its initial public offering. Lightspeed denied those allegations at the time.
Since his return to Lightspeed, Dasilva has reversed the earlier CEO's strategy and has made the pursuit of profitability a centerpiece of his strategy to turn around the company's fortunes.
Lightspeed is a provider of payments software that is primarily used by restaurants and other businesses.
($1 = 1.3475 Canadian dollars)
Reporting by Milana Vinn in San Francisco; Editing by Nick Zieminski and Jonathan Oatis
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Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
