- Strategic Landmark first acquisition for Foodics to consolidate the market
- Deal positions Foodics as the dominant Restaurant-tech provider in MENA
- POSRocket is the second largest restaurant Cloud technology player in the region
- First acquisition also opens the door to further upcoming M&A activities
09 January 2022, Riyadh, Saudi Arabia. FOODICS, the leading GCC Restaurant-Tech company based in Saudi Arabia, has announced today its first acquisition, with the full ownership of POSRocket, the second largest restaurant Cloud technology provider in MENA.
This landmark acquisition is a strategic move by both companies and one that enables Foodics to consolidate the market, as well as take market leadership position in Egypt, Kuwait, Oman and Jordan on top of the dominant position it already had in the rest of GCC. This first acquisition also opens the door to further upcoming M&A activities and international expansion from Foodics.
Founded in 2016 in Jordan, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time. The acquisition will allow POSRocket merchants to benefit from Foodics’ ecosystem in managing payments, supplies and capital lending infrastructure.
Ahmad Al-Zaini, Foodics CEO and Co-founder commented, “We are delighted to welcome the POSRocket astronaut team, its clients and partners to the Foodics family and look forward to growing together for the benefit of the wider ecosystem. Our acquisition of the fast growing and second largest restaurant Cloud technology provider in the region is very strategic as it naturally establishes our position as the dominant player across MENA and beyond.”
He added, “The region has recently witnessed a significant acceleration in the digitization of operations in both the retail and F&B sectors due to the pandemic. As a result, businesses have had to augment their online presence, in order to follow their customers footprints and provide them with an optimal customer experience. We chose POSRocket as they were able to fully leverage this trend, having gained the trust of an exponential number of merchants for their services, which will be further enhanced with this strategic acquisition.”
Zeid Husban, POSRocket Chief Executive Astronaut and Founder commented, “Foodics is a natural fit for POSRocket, as both brands are driven by helping business owners grow their operations. Bringing our talented teams together is a strategic move that yields us a unique competitive advantage. Now powered by Foodics, the POSRocket astronauts are delighted to be joining a larger team and brand, and with access to funding, we are looking forward to a bright future together.”
Since its inception in 2014, Foodics has successfully already processed over US$5 billion worth of orders through its platform, and is targeting 150,000 terminals by the end of 2024.
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FOODICS is the leading Restaurant-Tech company based in Saudi Arabia, with a 360° SaaS Ecosystem that forges ahead in the F&B industry by supporting its end-to-end digitization. Its vision is to build a complete restaurant management ecosystem that enables owners to run their operations seamlessly and grow their business.
FOODICS’ mission is to empower restaurant owners with a comprehensive cloud-based POS system to enrich their operations. It caters to every segment of the F&B sector from traditional dine-in restaurants, cafés, Quick Service Restaurants, bakeries, food trucks through to cloud kitchens.
Founded in 2014 and headquartered in Riyadh, Foodics’ fast-growing demand made it available for businesses and sellers across the MENA region, with 8 offices in Saudi Arabia, the United Arab Emirates, Jordan, Kuwait, Egypt and the Netherlands. Foodics, the software, is also available in English, Arabic and French, making it one of the most promising SaaS companies in the MENA region. Foodics serves its customers 24/7 and since its inception, Foodics has successfully already processed over US$5 billion worth of orders through the platform, and is targeting 150,000 terminals by the end of 2024.
Founded in 2016, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time. The startup raised US$5 mil million in their latest funding round in August 2021. It operates in Jordan, Egypt and Kuwait.