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  "documentTitle": "Lightspeed Commerce, Inc. (LSPD)",
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      "text": "Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD's ARPU of $200.",
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      "text": "ARPU: 7x",
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      "text": "iKentoo serves more than 3,800 customer locations in over 14 countries. Based on limited disclosures by LSPD, we estimate it generated ~$1m per quarter, or $4m of sales per year. However, based on a Swiss article from 2017, we see it was generating CHF 3m ($ 3m) per year and had 2,500 customers. Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD’s ARPU of $200.",
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      "text": "On July 2, 2019 LSPD acquired iKentoo for approximately $29m ($17m in cash / $12m in stock). Founded in 2011, Switzerland-based iKentoo was a POS solutions provider to small and medium-sized businesses operating within the hospitality industry.",
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      "kind": "quote",
      "text": "\"We are present in 14 countries. France, South Africa and French-speaking Switzerland currently represent 90% of our activity. But, among our some 2,500 customers, some are present in Italy, the United Kingdom and the United States, in particular.\" — Serge Sozonoff, iKentoo CEO",
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      "kind": "source-note",
      "text": "Source: Serge Sozonoff: \"iKentoo is the cash register of the 21st century\", LeTemps.ch, June 28, 2017. Source: \"Lightspeed POS Inc. Announces the Acquisition of iKentoo\", Company PR, July 17, 2019",
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      "text": "Q2 MD&A Sept 2019 iKentoo Contribution Disclosure In First Quarter of Acquisition",
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      "text": "iKentoo CEO Interview In 2017",
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      "text": "iKentoo: Acquired At More Than 7x Sales With Limited Growth, Suboptimal ARPU",
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