I recently wrote about how E-commerce and technology are playing huge roles in retail today. But I didn’t touch upon what roles they’re playing in restaurants. I have a relative in the restaurant business, and like many others, his business suffered during Covid. It only took the pandemic for him to adapt technologies like online ordering and delivery to reach quarantined customers. Let’s talk about what this means for M&A.
Online ordering and delivery are here to stay, and businesses that offer those services are attracting buyers. Fintech company Fiserv is acquiring BentoBox. The latter helps restaurants with website design, online ordering and marketing to better engage with consumers. “Consumers today expect a consistent, seamless experience when engaging with restaurants both in person and online,” said Fiserv CEO Frank Bisignano.
Another deal that sparked my interest, is Popmenu, a restaurant-focused digital marketing and technology provider, is buying OrderNerd. The target helps restaurants manage online orders from one device. “Restaurants were hit hard by the pandemic and have struggled to reach economies of scale with existing technologies,” said Popmenu co-founder Tony Roy. “Popmenu and OrderNerd want to change that narrative and simplify the digital world for restaurants. We’re driving innovation and consolidating technology and data wherever we can to solve problems and improve revenue and profitability for restaurants. There is a shared sincerity in wanting to help the industry and we look forward to the opportunities ahead as online ordering continues to grow.”
Mercato Partners’ Andrew Smith previously told Mergers & Acquisitions that technologies, among others, “will be game changers for the future.”
How are your restaurants taking advantage of technology these days? Please let me know at: [email protected].
— Demitri Diakantonis