Lightspeed Initiates Initial Workforce Changes Post Dax Dasilva’s Comeback

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Lightspeed Commerce, headquartered in Montréal, has initiated significant cost-cutting measures, including a reduction of 10 percent of its workforce and the implementation of a stock buyback program. These actions are part of an effort led by CEO Dax Dasilva to regain shareholder confidence, following a negative response to the company’s Q3 2024 earnings call in February. Dasilva, who recently resumed his role as CEO, spearheaded these initiatives to address concerns and improve the company’s financial performance. In response to the announcement, Lightspeed’s stock price experienced a notable increase, rising from $18.86 per share at market close on Tuesday to $19.98 per share on Wednesday at 12:00 pm, marking a nearly six percent surge.

Amazon’s grab-and-go checkout system, Just Walk Out, has played a central role in its efforts to revolutionize traditional brick-and-mortar supermarkets. However, Amazon is now preparing to launch a new wave of grocery stores after an 18-month hiatus—and it’s opting to forego the use of this technology.This shift by Amazon highlights the ongoing refinement of its overall grocery strategy and sheds light on the challenges associated with implementing Just Walk Out in larger-format stores. Unlike its successful deployment in smaller-scale formats, such as convenience stores, the technology’s reliance on cameras and sensors for tracking items becomes more complex and less effective in larger retail spaces.

Boston-based Advent has reached an agreement to acquire Nuvei, a Canadian FinTech firm listed on the Toronto Stock Exchange and Nasdaq, and take it private. The deal values Nuvei at $6.3 billion USD, following advanced buyout discussions reported by The Wall Street Journal two weeks prior.This acquisition marks a significant development for Nuvei, occurring approximately 3.5 years after its initial public offering in September 2020.

Indigo Books & Music Inc. has accepted a revised offer from a holding company affiliated with its largest shareholder to go private. Under the agreement, Trilogy Retail Holdings Inc. and Trilogy Investments L.P. will acquire the remaining stake in Indigo at $2.50 per share in cash.This amended offer comes after the initial proposal of $2.25 per share in cash made by the Trilogy companies, owned by Gerald Schwartz, in February.

MTL NewTech, a nonprofit organization, has taken over the rights to Startup Open House from Elevate and plans to revive the event in Montréal this spring. Simran Kanda, executive director at MTL NewTech, expressed enthusiasm for the initiative, stating that it aligns with their mission to support the entrepreneurial ecosystem and inspire future generations of entrepreneurs.

The Council of Canadian Innovators suggests that enhancing Canada’s public procurement strategy could mitigate the country’s “historic innovation underperformance.” According to the report, in 2021, procurement represented 14.6 percent of Canada’s gross domestic product, whereas it typically comprises over a quarter of all public sector spending. CCI emphasized the significance of this financial investment, stating that “the stakes are high.“⬤