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Just Eat, UK-based leading global marketplace for food delivery has announced that it has acquired Flyt. The latter is also based in the UK and is a restaurant software platform. The acquisition has been finalised with a deal of €25 million.
Just Eat was one of the investors of Flyt with 8% stake but the acquisition makes it the sole owner of the startup. The other investors such as Entree Capital and Time Out have exited from the company. With the acquisition, it will accelerate the development of Flyt’s technology and provide its services to its global restaurant partners.
Standalone business
Founded in 2013 by Tom Weaver and Chris Evans, this startup has raised nearly €12 million till date. Despite this acquisition, Flyt will continue to function as a standalone platform and its founders will lead the business. It works with more than 3000 quick service and branded restaurants such as Pizza Express, Nando’s, Tim Hortons and Mitchells and Butlers.
Offers POS integration
Flyt is involved in offering better POS integration to improve the customer experience of a restaurant and enhance operational efficiency. It touts that its technology platform eliminates the necessity for manual restaurant processes, eradicates human error and processing and reduces driver wait times at the restaurants.
Changes to Just Eat board
Besides this acquisition, Just Eat took to announce a few changes to its Board on Thursday. Peter Plumb has become the CEO and one of the Directors. Also, Peter Duffy, the CCO is now the Interim CEO and a Director. It was announced that soon they will start looking out for a permanent replacement.
Roadmap for 2019
It was also announced that Just Eat was transformed to a great extent in 2018. They had developed a world-class marketplace for their customers and partners and offered best-in-class delivery services. Now, in 2019, the company aims to leverage the improvements to drive order and revenue. They aim to make the Canadian business SkipTheDishes profitable.
Commenting on this acquisition, Peter Duffy, Interim CEO of Just Eat said, “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.”
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