US listed retail commerce platform Lightspeed POS will pay up to US$350 million (A$450m) to acquire New Zealand cloud-based retail management software company Vend.

Founded in 2010 by Vaughan Fergusson, Vend became the first point of sale on the iPad, and first POS to be based in the cloud.

Vend’s revenue in 2020 was around US$34 million on a total transaction value of $7 billion. The US$350 million deal comprises of  US$192.5 million in cash, alongside $157.5 million in subordinate voting shares in Lightspeed and is expected to close towards the end of April, subject to regulatory approvals.

Lightspeed said the acquisition strengthens its global retail base and foothold in Asia-Pacific, by doubling the company’s customer base and expanding its retail footprint in that region. The Vend customer base will gain access to products such as Lightspeed Payments, Lightspeed eCommerce, Lightspeed Loyalty, as well as future access to the Lightspeed Supplier Network.

Lightspeed founder and CEO Dax Dasilva said the Vend teams passion for retail matched their own.

“That combined drive will position our global retail base of high-performing businesses for success as they emerge from a truly transformational period in the history of modern commerce,” he said.

Vend CEO Ana Wight said they’re proud to be recognised globally as a New Zealand-based company.

“By joining forces, we will power the global transformation of retail and pour our unparalleled collective efforts into the success of our retailers at this pivotal moment in our industry,” she said.

Lightspeed’s cloud-based, omnichannel commerce platforms are used by small and medium-sized businesses  in more than 100 countries.