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Rocket DAO ecosystem

Starting from the bottom: Ecwid is bought for $500M

Tuesday, June 8, 2021

Startup Jedi

We talk to startups and investors, you get the value.

A company founded by Ruslan Fazliev, a programmer from Ulyanovsk, Ecwid has been acquired by Lightspeed, a Canadian e-commerce platform, for $500M. Ecwid’s solution allows for the design of online shops and their integration into a website without the need for programmers.

The deal will create a single commercial ecosystem. “The distinction between online and conventional retail has disappeared. Lightspeed and Ecwid, two best-in-class platforms, will come together to truly empower businesses. By removing the barriers that sellers face when selling online, we will only achieve our shared vision of democratizing retail for independent businesses worldwide and enriching the communities they serve faster,” commented Ruslan Fazlyev on the deal.

Ecwid currently serves over 130 000 paying customers in over 100 countries. For the period ended 31 March 2021, Ecwid generated revenues of more than $20M, up more than 50% year-on-year.

Lightspeed is acquiring Ecwid for a total estimated sum of around $500M, of which approximately $175M will be paid in cash at closing. Ecwid shareholders will receive the remaining $325M in voting shares in Lightspeed. The deal is expected to close in the third quarter of this year following receipt of all regulatory approvals.

8 Jun 2021

 

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