Vista Equity Partners sells Hoskins' Upserve for $430 million
Vista Equity Partners has sold a portfolio company led by Sheryl Hoskins to a publicly traded company. Vista sold Upserve, Inc. to Lightspeed POS, Inc. for estimated total consideration of $430 million, including $123 million in net cash. Vista acquired the Providence, R.I. company in 2017. Upserve is a management cloud-software company. Lightspeed is a NYSE and Toronto Stock Exchange traded provider of cloud-based, omnichannel commerce platforms. By acquiring Upserve, Lightspeed said it will be able to provide “one of the most competitive hospitality platforms” for independent U.S. restaurants. Sheryl joined Upserve as CEO two years ago after being at another Vista portfolio company, ACTIVE Network.