September 9, 2020 will forever go down as one of the most significant days in Canadian stock market history. On the same day, Lightspeed (TSX:LSPD)(NYSE:LSPD) and Docebo (TSX:DCBO) both released big news that is sure to make the companies much more attractive to investors.
What is going on with Lightspeed?
As I have previously written, Lightspeed provides a cloud-based POS platform to small- and medium-sized businesses. The company provides products within the retail, restaurant, and golf industries. These products include point-of-sale and payments, loyalty, analytics, and accounting software, among other things.
Some of the reasons I have been interested in the company previously is because of its founder-CEO Dax Dasilva, the company’s high amount of insider ownership, its recurring revenue model, and more. However, there was one big thing that I really wanted to see from the company. Unlike other major Canadian companies (e.g., Brookfield Asset Management, Open Text, and Shopify), Lightspeed has only been trading on the Toronto Stock Exchange since its IPO.
On September 9, the company announced its listing on the New York Stock Exchange under the ticker “LSPD.” This will open the company to new investors who were not previously able to invest in it. Companies usually see a rise in stock value in anticipation of a new listing; however, it is the long-term growth that arises from this news that I am more interested in. Lightspeed has shown excellent growth in its company in recent years, and I believe this listing is a sign of great things to come.
Docebo has managed to attract a big fish
It finally happened. In my first article covering Docebo, I’d mentioned that the company lists many strong companies among its customers. These customers included the likes of Appian, Cineplex, Thomson Reuters, and Walmart. I also predicted that it was only a matter of time until large companies take note and follow suit.
Before going onto the news, it would be a good idea to recap what Docebo does. The company provides an e-learning platform for enterprises — a business that I have been preaching is only going to become more essential in the future. I believe that the industry had been slowly gaining momentum, and its adoption was accelerated by the COVID-19 pandemic.
On September 9, Docebo announced that Amazon had chosen the company to scale access to AWS Training and Certification product offerings globally. It goes without saying that Amazon is one of the largest companies in the world. The fact that it has chosen Docebo to scale its online training shows the potential the company has above its more established competitors. Docebo is going to be a force to be reckoned with for many years, and I believe we are still very much at the beginning.
Foolish takeaway
Lightspeed and Docebo are two of my favourite Canadian growth stocks. Both companies have shown very strong price appreciation since going public in 2019. On September 9, Lightspeed and Docebo released news that should produce excellent tailwinds for their respective stocks moving forward.
