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Lightspeed buys Ecwid for $500M; NuOrder for $425M in ongoing e-commerce consolidation play – TechCrunch

Lightspeed, has picked up two more companies in what is shaping up to be an acquisition spree for the Canadian point-of-sale software provider. The company today announced that it would acquire e-commerce platform Ecwid for $500 million; and NuOrder, a B2B ordering platform servicing wholesales, brands and retailers, for $425 million. Together, the two deals […]

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Lightspeed, has picked up two more companies in what is shaping up to be an acquisition spree for the Canadian point-of-sale software provider. The company today announced that it would acquire e-commerce platform Ecwid for $500 million; and NuOrder, a B2B ordering platform servicing wholesales, brands and retailers, for $425 million.

Together, the two deals underscore the long-anticipated consolidation trend swirling around the fragmented e-commerce industry, at a time when digital transactions are playing an ever more critical role in the Covid-impacted global economy, and smaller players are looking for better ways to compete against behemoths like Amazon and Stripe with a mix of tools and services addressing the various needs of merchants, brands, suppliers and everything in between.

“By joining forces with Ecwid and NuOrder, Lightspeed becomes the common thread uniting merchants, suppliers and consumers, a transformation we believe will enable innovative retailers to adapt to the new world of commerce,” said Dax Dasilva, founder and CEO of Lightspeed, in a statement. “As economies reopen and business creation accelerates, we hope to embolden entrepreneurs with the tools they need to simplify their operations and scale their ambitions.”

Lightspeed will pay $175 million in cash and $325 million in shares for Ecwid; and it will pay $212.5 million in cash and $212.5 million in shares for NuOrder, the company said. Both deals are expected to close at the end of September, pending regulatory and other approvals.

Lightspeed is publicly traded and has a market cap of about $9.4 billion. It has been on an acquisition march in the last several months, with the bigger picture being to build a complete, end-to-end, one-stop-shop for customers beyond the basics of the point-of-sale software that helped the company make its name. That has also included acquiring Upserve in a $430 million deal in December to deepen its presence in the restaurant industry.

Ecwid itself has been around for years, initially making its name as a key partner of Facebook’s to help small businesses build commerce experiences on the social media platform, and eventually expanding to provide tools for merchants that use services like Square and Wix, as well as other third-party platforms like Instagram and Google — sometimes competing with but also potentially integrating with other e-commerce backends like Shopify.

The company — originally founded in Russia — had largely been under the venture radar until last year, when it raised $42 million from Morgan Stanley and PeakSpan Capital, to double down on growth.

And that growth has been good. It current has 130,000 paying customers across 100+ countries and Lightspeed said it had revenue of more than $20 million in the year that ended in March, with growth of 50% year-over-year.. The deal, which is subject to customary closing conditions and post-closing working capital adjustment, is expected to close during the quarter ended September 30, 2021 after the receipt of applicable regulatory approvals.

“The distinction between online and brick-and-mortar retail has disappeared. Lightspeed and Ecwid, two best-in-class platforms, will unite to truly empower businesses. By eliminating the barriers merchants face when selling online, we will only more rapidly achieve our common vision of democratizing retail for independent businesses worldwide and enrich the communities they serve,” said Ecwid CEO, Ruslan Fazlyev, in a statement.

NuOrder, meanwhile, will help Lightspeed deepen its role in supplier relationships and transactions — an essential cornerstone in how commerce works and one where Lightspeed had already been building a business, by way of its Lightspeed Supplier Network. NuOrder has 3,000 brand and 100,000 retailer customers — some of them include Canada Goose, Converse and Arc’teryx — and Lightspeed said that some $11.5 billion in orders were made through its platform in the year that ended in March.

Like Ecwid, NuOrder also posted revenues of $20 million in that period; its growth rate was 30% year-over-year.

“At NuORDER, we have been on a journey to revolutionize retail by building a global network for brands and retailers. The coming together of Lightspeed and NuORDER accelerates that vision exponentially. The power of connected commerce comes to life now,” said NuORDER co-founders and co-CEO’s Olivia Skuza and Heath Wells in a statement. “We are thrilled to join forces with Lightspeed to unlock transformative value for brands and retailers globally. This represents an inflection point in the history of retail.”

Lightspeed will pay $175 million in cash and $325 million in shares for Ecwid; and it will pay $212.5 million in cash and $212.5 million in shares for NuOrder, the company said. Both deals are expected to close at the end of September, pending regulatory and other approvals.

Source: https://techcrunch.com/2021/06/07/lightspeed-buys-ecwid-for-500m-nuorder-for-425m-in-ongoing-e-commerce-consolidation-play/

lightspeed-buys-ecwid-for-$500m;-nuorder-for-$425m-in-ongoing-e-commerce-consolidation-play-–-techcrunch

Techcrunch

The DL on CockroachDB – TechCrunch

As college students at Berkeley, Spencer Kimball and Peter Mattis created a successful open-source graphics program, GIMP, which got the attention of Google. The duo ultimately joined Google, and even personally got kudos from Sergey Brin and Larry Page. Kimball and Mattis quickly rose to prominence within the company, and then chose to leave it […]

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As college students at Berkeley, Spencer Kimball and Peter Mattis created a successful open-source graphics program, GIMP, which got the attention of Google. The duo ultimately joined Google, and even personally got kudos from Sergey Brin and Larry Page. Kimball and Mattis quickly rose to prominence within the company, and then chose to leave it all behind to start what would eventually become CockroachDB. Years later, Cockroach Labs has over 250 employees and has received investments from the likes of Benchmark, GV, Index Ventures and Redpoint totaling more than $350 million, according to Crunchbase. The company is now on route to what some think is an “inevitable IPO.”

The story of CockroachDB, from its origin to its future, was told in a four-part series in our latest EC-1:

I’m biased, but it’s a must-read that gets into tensions that any startup founder can relate to: from navigating heavyweight competitors, to growing past free tiers, to maintaining your users’ attention. It’s the eighth EC-1 we’ve published to date, which my colleague and TC Managing Editor Danny Crichton estimates puts us at 90,000 words all about startup beginnings, product development, marketing and more.

In the rest of this newsletter, we’ll get into that WeWork book, bite-sized entrepreneurship and some SPACs. Follow me on Twitter @nmasc_. Or don’t, it’s your choice!

The Cult of We

Adam Neumann (WeWork) at TechCrunch Disrupt NY 2017. Image Credits: TechCrunch

This week on Equity, Alex and I interviewed Eliot Brown, who wrote “The Cult of We” along with Maureen Farrell. Our conversation riffed on some of the book’s eyebrow-raising details and anecdotes, but mainly focused on what WeWork’s rise and fall did to the state of startups and tech journalism more broadly.

Here’s what to know: Not much has changed. Jokes aside, Brown shared his notes on how the current boom in startup financings has a worrisome air of frenzy and fluff. He also chatted about how sometimes the most illuminating question can be a simple one: What makes you a tech company?

More money, more problems?

TikTok what again?

tiktok glitch

Image Credits: TechCrunch

TikTok kept popping up throughout the week. Index Ventures, for example, noted how the firm’s TikTok account has amassed an impressive following and is a channel to talk to the younger generations. Nothing like some short-form videos to stay hip and relatable while raising $3 billion in one go.

Here’s what to know: While TikTok has certainly changed the world, I worry when I see the allure of bite-sized content get edtech’d. Bite-sized content can be a nifty way to spread content, but it isn’t one-size-fits-all. Duolingo, which priced its IPO this week, still struggles to show meaningful learning outcomes and optimizes more for motivation than comprehension. This tension is a key note for companies like Numerade and Sololearn, which both raised this week, to not overly TikTok learning materials.

Other edtech content for your eyes:

So, SPACs

hands signing check 1

Image Credits: Bryce Durbin / TechCrunch

It’s been awhile since I’ve used that acronym in Startups Weekly. That said, special purpose acquisition vehicles are still very much a thing and are still very much worth paying attention to.

Here’s what to know: Lucid Motors’ SPAC merger was just approved. Reporter Aria Alamalhodaei writes that the move came after executives extended the deadline to vote to merge by one day after not enough investors showed up. “The issue is unusual but could become more common as more companies eschew the traditional IPO path to public markets and instead merge with SPACs,” she writes.

Also special:

Around TC

If you haven’t already, please fill out TC’s ongoing growth marketing survey. We’re using these recommendations of top-tier growth marketers around the world to shape our editorial coverage and to build out TechCrunch Experts.

Across the weekSeen on TechCrunch

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  • Technical design “How engineers fought the CAP theorem in the global war on latency” (2,400 words/10 minutes)
  • Source: https://techcrunch.com/2021/07/24/an-inevitable-ipo-full-of-cockroaches-and-developers/

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    Twitter appoints resident grievance officer in India to comply with new internet rules – TechCrunch

    Twitter has appointed a resident grievance officer in India days after the American social media firm said to have lost the liability protection on user-generated content in the South Asian nation over non-compliance with local IT rules. On Sunday, Twitter identified Vinay Prakash as its new resident grievance officer and shared a way to contact […]

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    Twitter has appointed a resident grievance officer in India days after the American social media firm said to have lost the liability protection on user-generated content in the South Asian nation over non-compliance with local IT rules.

    On Sunday, Twitter identified Vinay Prakash as its new resident grievance officer and shared a way to contact him as required by India’s new IT rules, which was unveiled in February this year and went into effect in late May. Twitter has also published a compliance report, another requirement listed in the new rules.

    Earlier this week, the Indian government had told a local court that Twitter had lost the liability protection on user generated content in the country as it had failed to appoint compliance, grievance, and a so-called nodal contact officials to address on-ground concerns.

    Other internet giants including Facebook, Google, and Telegram have already appointed these local compliance officers in India.

    Internet services enjoy what is broadly referred to as “safe harbor” protection that say that tech platforms won’t be held liable for the things their users post or share online. If you insult someone on Twitter, for instance, the company may be asked to take down your post (if the person you have insulted has approached the court and a takedown order has been issued) but it likely won’t be held legally responsible for what you said or did.

    Without the protection, Twitter — which according to mobile insight firm App Annie, has over 100 million users in India — is on paper responsible for everything those users say on its platform. Indian police have already filed at least five cases against the company or its officials in the country over a range of issues.

    The new development should help assuage the tension between Twitter and the Indian government. A special squad of Delhi police made a surprise visit to two of Twitter’s offices in late May in what many perceived as an intimidation tactic. Twitter said at the time that it was “concerned by recent events regarding our employees in India and the potential threat to freedom of expression for the people we serve” and requested the Indian government to grant it three additional months to comply with the new IT rules.

    Earlier this week, Twitter told an Indian court that it was working to “fully comply” with the new rules.

    More countries are formulating similar requirements for tech giants in their nations. Russia President Vladimir Putin signed a law that mandates foreign social media giants to open offices in Russia. Any social firm with a daily user base of 500,000 people or more is required to comply with the new law.

    Internet services enjoy what is broadly referred to as “safe harbor” protection that say that tech platforms won’t be held liable for the things their users post or share online. If you insult someone on Twitter, for instance, the company may be asked to take down your post (if the person you have insulted has approached the court and a takedown order has been issued) but it likely won’t be held legally responsible for what you said or did.

    Source: https://techcrunch.com/2021/07/10/twitter-appoints-resident-grievance-officer-in-india-to-comply-with-new-internet-rules/

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    Don’t miss these highlights today, day one of TC Early Stage 2021: Marketing and Fundraising – TechCrunch

    Rise, shine and get your startup on, early founders. It’s Day One of TC Early Stage 2021: Marketing and Fundraising! Get ready to be schooled — in the best way possible — on essential skills, tips and tactics every founder needs to build a successful startup. And, like the sign says, the emphasis this time […]

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    Rise, shine and get your startup on, early founders. It’s Day One of TC Early Stage 2021: Marketing and Fundraising! Get ready to be schooled — in the best way possible — on essential skills, tips and tactics every founder needs to build a successful startup. And, like the sign says, the emphasis this time around is on marketing and raising funds — with plenty of experienced speakers to guide you.

    Pro (crastination) Tip: It’s not too late to attend. Buy a ticket at the virtual door.

    We’re about to highlight a few of the info-packed presentations on tap today — just to wet your whistle. But first, here’s how Ashley Barrington, founder of MarketPearl, described Early Stage 2020.

    They offered a great variety of sessions and speakers — top investors, founders and credible subject-matter experts — who gave unique insights based on personal experience. You get great mentorship through attending the Early Stage sessions. It’s like a mini masterclass in entrepreneurship.

    Be sure to check the event agenda to scope out what interests you the most. Remember, your pass includes video on demand. If you need to get a bit of work done or find that two sessions you want to attend conflict, relax. You can catch everything you missed later at your leisure.

    Nailing Your Pitch: Companies aren’t started at the moment of fund raising begins but they can often end there. Nailing your pitch is integral to success. Hear from Adina Tecklu, principal at Khosla Ventures, on how to tell your story and leave investors wanting more.

    How to Capitalize on Being Coached: Ted Wang, partner at Cowboy Ventures, comes from the legal world where he was a partner at Fenwick. In short, he’s seen his fair share of startup success and failure. At Early Stage, Wang will explain the value of coaching for startup founders, including the different types of coaches one might utilize, how to choose between them, and how to get the most out of a good coach.

    What’s Your Story? You can have a compelling product, but it’s a compelling story that puts your company into motion. In this session, Doug Landis, former Chief Storyteller and GTM leader from Box, Salesforce and Google, will share the core storytelling mechanics to help you nail your origin, product and customer stories that will get your company in motion.

    Deep Tech — How to Raise Early in a Notoriously Tough Category: The greatest evolutions in our history have not come from small technological steps, but giant leaps. Frontier tech is the future, but it’s not particularly accessible to average folks. Hear from IndieBio partner Pae Wu and HAX partner Garrett Winther on how to fundraise for your deep tech startup.

    School is now in session! It’s not too late to get access to the networking, the community and learning more about the best ways to drive your business forward. Get your ticket for instant access now!

    Be sure to check the event agenda to scope out what interests you the most. Remember, your pass includes video on demand. If you need to get a bit of work done or find that two sessions you want to attend conflict, relax. You can catch everything you missed later at your leisure.

    Source: https://techcrunch.com/2021/07/08/dont-miss-these-highlights-today-day-one-of-tc-early-stage-2021-marketing-and-fundraising/

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