Just Eat acquires restaurant software platform Flyt for £21m
Just Eat has acquired the remaining outstanding share capital of start up Flyt Limited for £22million 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.
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.
A Just Eat spokesman said: "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.
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 said: "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.”