London’s online food ordering firm Just Eat plc has recently acquired Flyt Limited, a startup that offers software for restaurants and restaurant suppliers. As per trusted sources, Just Eat acquired Flyt’s shares for around €25 million paid in cash from existing investors which included Entree Capital and Time Out.
Founded in 2013, Flyt helps restaurants and their suppliers to integrate their point-of-sale (POS) systems with third-party services. The company’s platform can serve multiple functions, like reducing driver wait times for take away, reducing the need for manual restaurant processes, and eliminating human errors while taking orders.
For the record, Flyt already works with over 3,000 branded restaurants, including some of the world’s largest brands such as Tim Hortons, KFC, Mitchells and Butlers, Nando’s and Pizza Express. Just Eat was a customer and a minority shareholder of Flyt, with an 8% stake in 2016.
Sources suggest that the acquisition will allow Just Eat to further develop Flyt’s technology and offer its services to its global restaurant partners.
According to TechCrunch, Peter Duffy, interim CEO, Just Eat, said that adding Flyt into the group will accelerate the take-up of their services around the world and allow the Flyt team to innovate with new and exciting technology solutions for the industry. He said that the company has admired Flyt for some time and are impressed by its technology that integrates Just Eat with its restaurant partners to provide world-class food delivery services.
Tom Weaver, CEO and Co-Founder, Flyt, was quoted saying that the company has worked closely with Just Eat since it became an investor and customer in 2016. He said that the company plays a key role in accelerating the adoption of restaurant technology, and the acquisition enables it to further offer its platform to a wider restaurant audience, point of sale providers and technology partners.
Reliable sources claim that Flyt will continue to function as a standalone brand and platform. Its founders, Chris Evans and Tom Weaver, will remain in charge of the business, which reportedly works with over 100,000 restaurant partners to serve over 25 million customers globally.