PROVIDENCE, R.I. (WPRI) — Restaurant software firm Upserve Inc., one of Rhode Island’s most successful tech startups, has been bought by a Canadian firm for $430 million.
Lightspeed POS Inc., a publicly traded commerce technology firm, announced its purchase of Upserve on Tuesday. The transaction comes three years after the Austin-based private-equity firm Vista Equity Partners bought a major stake in Upserve.
“Combining forces with Upserve is a strategic next-step in Lightspeed’s vision of providing the most advanced commerce platform to high-performing businesses around the world,” Lightspeed CEO Dax Dasilva said in a statement.
Added Upserve CEO Sheryl Hoskins, “Together we look forward to empowering North American restaurateurs to deliver superior guest experiences and make them wildly successful.”
Upserve, originally called Swipely, was founded in 2009 by Rhode Island tech entrepreneur Angus Davis, who served as its CEO until 2018. The company’s software aims to help restaurants and bars increase sales by harnessing customer data. Its revenue totaled about $40 million during the 12 months ended Sept. 30, according to Lightspeed.
“I’m grateful for our amazing Upserve team and proud to have founded the largest startup company in Rhode Island,” Davis, who is now a partner at the Silicon Valley venture capital firm Foundation Capital, wrote Tuesday on Twitter.
Davis also said the company would be keeping its presence in Providence.
Ted Nesi (firstname.lastname@example.org) is WPRI 12’s politics and business editor and a Target 12 investigative reporter. He is a weekly panelist on Newsmakers and hosts Executive Suite. Follow him on Twitter and Facebook