Point-of-sale software provider Lightspeed POS has agreed to acquire Gastrofix, a Germany-based hospitality payment platform developer backed by brewer Radeberger Group.
The deal will involve $61m in cash and roughly $40.5m in Lightspeed POS stock. Shareholders could potentially receive a further $10.6m in cash and $7m in shares if Gastrofix exceeds revenue expectations over the next two years.
Founded in 2011, Gastrofix markets a cloud-based software platform that lets hospitality businesses process customer payments using an iPad-driven digital interface.
The technology will augment Lightspeed’s existing digital payments offering, which mainly targets small and medium-sized retailers and restaurants.
Radeberger and growth capital firm Endeit Capital co-led Gastrofix’s €15m ($17.1m) series B round in 2017, following a $4m series A led by venture capital firm Entrée Capital two years earlier. Its earlier backers include angel investor Robbi Maier.