Riskified Files for an IPO; Lightspeed Closes Its NuOrder Deal

Fraud-management platform Riskified Ltd. has filed for an initial public offering of its Class A Ordinary Shares. 

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Credit Suisse Securities (USA) LLC are the lead underwriters. Barclays Capital Inc., KeyBanc Capital Markets Inc., Piper Sandler & Co., Truist Securities, Inc., and William Blair & Company, L.L.C. are joint underwriters. Riskified has filed a registration statement on Form F-1 with the Securities and Exchange Commission, which has yet to become effective. 

The proposed Riskified IPO will be made only by prospectus. A copy of the preliminary prospectus may be obtained from Goldman Sachs. Riskified will list its shares on the New York Stock Exchange under the symbol RSKD.

Riskified’s e-commerce risk-management platform uses machine learning to identify the persons conducting an online interaction. Riskified’s clients include Blackhawk Network Holdings Inc., Giftcards.com, Trip.com, Wayfair LLC, and Ticketmaster Entertainment Inc.

In related news, commerce platform provider Lightspeed POS Inc. has closed its acquisition of NuOrder Inc., an e-commerce platform for suppliers. The deal, announced last month along with the acquisition of consumer e-commerce platform Ecwid Inc., was finalized for $206.9 million, net of cash acquired, and the issuance of 2,143,393 subordinate voting shares in the capital of Lightspeed. An additional 500,629 subordinate voting shares in the capital of Lightspeed will be issued to certain NuOrder employees over the next three years, contingent on the achievement of certain milestones.

NuOrder, which serves more than 3,000 brands, generated revenue of over $20 million and grew at a rate exceeding 30% year-over-year for the 12 months ended March 31, 2021. During fiscal 2021, which ended March 31, 2021, Lightspeed posted total revenues of $221.7 million, an increase of 84% from fiscal 2020. Recurring subscription and transaction-based revenue totaled $202.3 million during fiscal 2021, an 89% year-over-year increase. Lightspeed’s customers include Canada Goose Holdings Inc., Converse, and clothier Arc’teryx.