Gastrofix, the Berlin-based POS software, has been sold to Lightspeed POS for over $60 million.
Gastrofix is a cloud-based point-of-sale (POS) software in the hospitality sector. Founded in 2012, the German startup has raised over €23 million, most recently a €15 million Series B in 2017. Investors include Endeit Capital, Radeberger Group, Entrée Capital, and Mujinzo Labs. The business has accumulated 8,000 customers around Europe, which will now go to Lightspeed.
Lightspeed is a global POS provider in the same market, serving 57,000 small and medium-sized retail and restaurant locations in over 100 countries. The Canadian software giant, founded back in 2005, held its IPO last March.
According to Clipperton, which was the sole financial advisor of the sale, Lightspeed will buy all of the outstanding shares of Gastrofix for a base purchase price of about $61 million in cash on closing. The Canadian company will also issue nearly 1.5 million subordinate voting shares, at $28.16 per share, subject to post-closing working capital adjustment.
The acquisition cements Lightspeed’s presence in the European market, while opening the market to more cloud-based services that can help European businesses modernise.