TORONTO and MONTREAL, April 2, 2019 /PRNewswire/ – CIBC Innovation Banking is pleased to announce the closing of a US$55 million debt facility with Lightspeed POS Inc. (TSX: LSPD) (“Lightspeed” or the “Company”). The standby facility is available to support strategic acquisitions and fuel the Company’s multi-faceted growth strategy.
Lightspeed’s comprehensive easy-to-use and scalable solution, including front-end consumer experience, back-end operations management and facilitation of payments, empowers small and medium-sized businesses to compete successfully in an omni-channel market environment. The Montreal-based point-of-sale software company currently operates in more than 100 countries with eight offices spanning across North America, Europe and Australia. Lightspeed has over 47,000 SMB customer locations and processes over $13.6 billion gross transaction value per annum.
The closing of CIBC Innovation Banking’s previously disclosed debt facility follows Lightspeed’s highly anticipated IPO where the Company recently raised gross proceeds of C$276 million.
“We are excited to partner with Lightspeed, a true Canadian technology success story, as the Company continues to strengthen its position on the global stage” said Mark McQueen, President and Executive Managing Director, CIBC Innovation Banking. “Lightspeed has built a scalable and comprehensive platform. The team has successfully added innovative capabilities to continue to meet the growing needs of SMB’s, while equipping them with the latest technology and providing a simplified user experience,” noted McQueen.
About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. The team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in Canada and the U.S.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.
Headquartered in Montréal, Canada, Lightspeed provides an easy-to-use, omni-channel commerce-enabling platform. The Company’s software platform provides its customers with the critical functionalities they need to engage with consumers, manage their operations, accept payments, and grow their business. Lightspeed operates globally in approximately 100 countries, empowering single- and multi-location small and medium-sized businesses to compete successfully in an omni-channel market environment by engaging with consumers across online, mobile, social, and physical channels. Founded in 2005, the Company has grown to approximately 700 employees, with global offices in Canada, the United States, Europe, and Australia.
SOURCE CIBC Innovation Banking