Just Eat, a leading global marketplace for takeaway food delivery, today announces that it has acquired the remaining outstanding share capital of Flyt, for £22 million, from existing investors including Time Out and Entree Capital.
Flyt is a leading software platform that helps restaurant groups and restaurant suppliers globally to integrate their point of sale systems with third party services. Integrating these services improves the restaurant’s customer experience and their own operational efficiency. Flyt’s technology platform removes the need for manual restaurant processes, reduces driver wait times in restaurants and eliminates human error in order processing.
Founded in 2013, Flyt has been a pioneer in game-changing technology for the hospitality industry. Flyt works with over 3,000 quick service and branded restaurants, including some of the UK and world’s largest brands such as KFC, Tim Hortons, Mitchells and Butlers, Pizza Express and Nando’s.
Flyt will continue to operate as a standalone platform and brand. Its founders, Tom Weaver and Chris Evans, will remain leading the business and become an important part of the wider Just Eat Group helping over 100,000 restaurant partners serve over 25 million customers globally.
Just Eat is a current customer of Flyt and became a minority shareholder in the company in 2016 with an 8% stake. The acquisition enables Just Eat to accelerate the development of Flyt’s technology and offer Flyt’s services to more of its restaurant partners globally. It will also help deliver Just Eat’s ambition to work with a much wider range of Quick Service Restaurants and Branded Retail Groups both in the UK and globally.
The consideration of £22 million was paid using existing cash resources. A further cash consideration may also be payable subject to certain operational and financial criteria being met over the next three years.
Peter Duffy, interim CEO of Just Eat commented: “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.”
Tom Weaver, CEO & co-founder of Flyt, commented: “We’ve worked with Just Eat closely since they became an investor and customer in 2016 and have been continually impressed with Just Eat’s vision of the future. Flyt plays an essential role in accelerating the adoption of restaurant technology and the acquisition enables us to take our integration capabilities and platform to a wider audience of restaurants, technology partners and point of sale providers, faster. Whilst we will continue to operate as an independent business and standalone platform serving all our customers, it’s exciting to have the financial security and stability from Just Eat to now deliver on our vision for Flyt.”