// startup autopsy
Vend
NZ's proudest SaaS exit became a write-down when Lightspeed's stock crashed 75% in 2022.
acquisition gone wrongAcqui-hire
| Founded | 2010 |
|---|---|
| Closed | 2022 |
| Country | New Zealand |
| Sector | Saas |
| Founder | Vaughan Fergusson |
// the model, blind
Evaluating only Vend’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Acquisition gone wrong.
Key Events Timeline
FOUNDING
Vend founded in Auckland by Vaughan Fergusson as a cloud-based POS for retail stores.
FUNDING
Raised USD 60M+ across Series A through C, expanding to USA, UK and Australian markets.
ACQUISITION ATTEMPT
Acquired by Lightspeed Commerce for CAD 350M in stock and cash, celebrated as NZ's largest SaaS exit.
SHUTDOWN
Lightspeed stock fell 75%; Vend brand dissolved into Lightspeed Retail product line with no independence.