FP says Lightspeed POS CEO sued over key technology 2020-08-06 09:13 ET - In the News
The Financial Post reports in its Thursday, Aug. 6, edition that companies tied to a former employer of Dax Dasilva are charging in a lawsuit that the Lightspeed POS founder and chief executive officer stole key technology and used it to launch his $3.8-billion firm. The Post's Zane Schwartz writes that lawyers acting on behalf of numbered companies linked to Frederick Rosenberg, then-president of Brenrose Solutions, say Mr. Dasilva used the source code developed at his company to build a point-of-sale software that would later become Lightspeed's first product. Mr. Schwartz says Mr. Dasilva has spent the past four years unsuccessfully trying to get the lawsuit dismissed. He and Lightspeed have denied all wrongdoing and filed a countersuit. Lightspeed stock has more than doubled since going public in March, 2019. According to the suit, Mr. Dasilva worked at Brenrose and helped develop a POS software called Iron, which he then used to develop Lightspeed's Onsite product. About six months after leaving Brenrose, Mr. Dasilva launched Lightspeed and sold the Onsite software to stores offering Mac computers and other Apple products, the same kind of firms to which Brenrose had sold, the suit reads.