London-based food delivery giant Just Eat has acquired Flyt Limited, a software platform for the hospitality industry. Already a minority shareholder, Just Eat bought up the rest of Flyt’s shares for €25 million in cash from existing investors including Time Out and Entree Capital.
Founded in 2013 and also based in London, Flyt helps restaurants and their suppliers to integrate their point-of-sale systems with third party services. Flyt’s platform can serve multiple functions – including removing the need for certain manual restaurant processes, reducing driver wait times for take away, and eliminating human errors in ordering.
Flyt already works with over 3,000 branded restaurants, including some of the world’s largest brands such as KFC, Tim Hortons, Mitchells and Butlers, Pizza Express and Nando’s.
Just Eat is a current customer of Flyt and became a minority shareholder in the company in 2016, with an 8% stake. The acquisition will enable Just Eat to accelerate the development of Flyt’s technology and offer Flyt’s services to more of its restaurant partners globally.
“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,” said Peter Duffy, Interim CEO of Just Eat. “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.”
Flyt will continue to operate as a standalone platform and brand. Its founders, Tom Weaver and Chris Evans, will remain in charge of the business and become an important part of the wider Just Eat Group, which works with over 100,000 restaurant partners to serve over 25 million customers globally.
“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,” said Tom Weaver, Flyt’s CEO and co-founder. “Flyt plays an essential role in accelerating the adoption of restaurant technology, and the acquisition enables us to take our platform to a wider audience of restaurants, technology partners, and point of sale providers. 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.”