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Venture-backed Lightspeed preparing for $200 mln IPO: report

Lightspeed POS, a Montréal-based point-of-sale software solution for retailers and restaurateurs, is gearing up for an initial public offering (IPO), according to a report by the Globe and Mail.

The company selected Bank of Montreal and National Bank of Canada to co-lead an IPO on the Toronto Stock Exchange, the report said.

Sources told the Globe and Mail that Lightspeed intends to raise at least $200 million and is hoping to achieve a valuation of more than $1 billion. The target date for the IPO is next spring.

Founded in 2005 by CEO Dax Dasilva, Lightspeed last year raised about $207 million (US$166 million) in a Series D financing.

Caisse de dépôt et placement du Québec led and was joined by Investissement Québec, iNovia Capital and Silicon Valley Bank.

Photo: Dax Dasilva, founder and CEO of Lightspeed POS Inc.