Lightview backs InStore Technology to build a grocery IT services platform
CEO Tom Courlas plans to expand InStore Technology's services, territory and acquisition pipeline; the deal's size and ownership terms were not disclosed.
By Ryan Merket · Published
Why it matters
Independent grocers rely on a growing stack of checkout, payments, pricing and security systems. Lightview is betting that InStore Technology's multi-vendor support model can scale through regional acquisitions.
Lightview Capital completed a strategic investment in InStore Technology on August 10th, giving CEO Tom Courlas capital to expand the Seattle-area grocery technology provider's services, geographic reach and acquisition program.
The transaction announcement does not disclose the investment amount, valuation, ownership stake or financing structure. Klar Ventures principals advised InStore Technology.
Courlas said Lightview's experience would help InStore Technology expand its capabilities and presence while maintaining its focus on independent retailers. He has led InStore Technology since April 2022, following an operating career that included running Clark Construction Group's equipment group and holding finance roles at Rolls-Royce. Courlas earned an MBA from Harvard Business School and studied finance at the University of Virginia.
That background fits the work ahead. InStore Technology is an established service operation whose value rests on installation, training, technical support and customer relationships. Scaling that model requires Courlas to integrate field teams and service processes across new territories without weakening the local expertise that won the accounts.
A service layer across fragmented grocery technology
InStore Technology installs and supports the systems that sit between a grocer's shelves and its daily revenue: point-of-sale hardware and software, back-office tools, self-checkout lanes, electronic shelf labels, payments, loyalty programs, e-commerce and cybersecurity.
InStore Technology operates as a multi-vendor integrator and managed-services provider rather than a proprietary point-of-sale software vendor. Its catalog includes NCR checkout systems, BRdata and RORC back-office products, and electronic shelf labels from VusionGroup. InStore Technology then handles implementation, training, repairs, upgrades and ongoing support.
That position makes InStore Technology part of the operating infrastructure for its customers. A failed scanner, payment terminal or pricing system can disrupt a store immediately. The breadth of InStore Technology's offering also creates multiple entry points into an account: a grocer can begin with point-of-sale software, add self-checkout, and later adopt electronic shelf labels or security services.
InStore Technology's maintenance and support programs can turn those installations into continuing service relationships. Lightview looks for businesses with recurring or repeat revenue, strong retention and opportunities to grow through acquisitions, according to its investment criteria. Lightview says it generally targets founder-owned, tech-enabled services businesses generating $2 million to $15 million in EBITDA. The InStore Technology announcement does not provide financial performance figures.
Lightview's platform strategy
The acquisition plan is the clearest indication of what Lightview intends to build. InStore Technology already serves independent and regional grocers across the western United States. Buying regional installers or managed-services providers could add technicians, customer accounts and vendor certifications faster than opening each territory organically.
Lightview has used that approach in managed technology services before. After investing in Buchanan Technologies in 2020, Lightview backed a series of transactions that expanded Buchanan's geographic coverage and technical capabilities. Those deals included Oracle specialist Cybernoor, cloud services provider Technology Spa and Heartland IT Consulting. Buchanan described the Heartland transaction as its third Oracle-focused acquisition in three years.
Lightview laid out a similar plan when it invested in FSS Technologies on October 28th, 2025. That announcement also paired service expansion with geographic growth and strategic acquisitions. The pattern shows how co-founders Rich Erickson and Conor Mullett approach specialized service businesses: establish a regional platform, add capabilities and territory through acquisitions, and preserve the customer relationships that make the original operation valuable.
Erickson and Mullett founded Lightview in 2012 after careers in technology operations and investing. Lightview says it has completed more than 50 direct investments and acquisitions and created more than $2 billion in shareholder value, with those figures including activity from previous entities under common control.
For Courlas, Lightview supplies capital and a deal integration playbook. InStore Technology supplies a narrow industry focus that a larger general-purpose managed IT provider would have to build from scratch. Grocery systems involve specialized hardware, payment requirements, pricing files, scales, scanners and store-level workflows. The knowledge required to support those systems gives InStore Technology a practical advantage in its chosen market.
The service model will determine the outcome
InStore Technology's opportunity comes with an integration problem. Independent grocers often rely on different combinations of hardware, software and payment providers. Acquiring another regional operator may add accounts quickly, but InStore Technology would still need to combine help desks, field service coverage, vendor relationships and technical standards.
InStore Technology's differentiation also depends heavily on execution. Many products in its catalog come from larger vendors, including NCR and VusionGroup. InStore Technology creates value by selecting, installing and supporting those products for customers that want one accountable technology partner. Geographic expansion will work only if the larger operation continues to resolve store-level problems with the speed and familiarity of a regional provider.
The August 10th deal gives Courlas the resources to test that model beyond InStore Technology's current footprint. It gives Lightview another specialized services platform in a fragmented market where acquisitions can add both customers and technical capacity. The missing transaction terms prevent a clear view of how Lightview valued that opportunity, but the operating plan is explicit: use InStore Technology's grocery specialization as the base for a broader managed technology business.