Just Eat, the takeout marketplace and food delivery service, has acquired Flyt, a startup that offers software for restaurants and restaurant suppliers. The acquisition price is £22 million, which Just Eat says it has financed from cash reserves.
“A further cash consideration may also be payable subject to certain operational and financial criteria being met over the next three years,” discloses the company.
Notably, Just Eat was already one of Flyt’s investors, but this deal sees the takeout behemoth become a majority owner. Existing investors, including Time Out and Entree Capital, have exited. The company is thought to have raised close to £12 million since being founded in 2013.
Described as a leading software platform that helps restaurant groups and restaurant suppliers integrate their point of sale (POS) systems with third-party services, Flyt has obvious synergies with Just Eat, providing technology that helps improve the experience of ordering online.
Better POS integration with various third-party services can help improve a restaurant’s customer experience and its operational efficiency. Specifically, Flyt says its technology platform removes the need for manual restaurant processes, reduces driver wait times in restaurants, and eliminates human error in order processing.
To that end, Flyt currently works with over 3,000 quick service and branded restaurants, including some of the U.K. and world’s largest brands such as KFC, Tim Hortons, Mitchells and Butlers, Pizza Express and Nando’s.
Despite now being owned by Just Eat, the company says it will continue to operate as a standalone platform and brand. Founders Tom Weaver and Chris Evans will continue to lead the business.
As a footnote, prior to the acquisition, Just Eat owned an 8 percent stake. The takeout marketplace says the acquisition will enable it to accelerate the development of Flyt’s technology and offer Flyt’s services to more of its restaurant partners globally.
Peter Duffy, Interim CEO of Just Eat comments: “Bringing Flyt into our Group will accelerate the take-up of these services around the world and allow the Flyt team to innovate with new and exciting technology solutions for the industry. We’ve admired Flyt for some time and are hugely impressed by their technology – integration between Just Eat and our restaurant partners is a critical component to providing world-class food delivery services”.