European online food delivery company Takeaway.com has announced that it has signed an agreement to acquire Israeli online food company 10bis in Tel Aviv from TA Associates and its founder Tamir Carmel for €135 million. Takeaway.com, which is traded on the Amsterdam Stock Exchange, is paying ten times the value of the Israeli company's revenue.
Takeaway.com says that the deal will strengthen its tech leadership in food delivery. Founded in 2000, 10bis operates an online food marketplace that provides employee meal benefits plans to corporations. The Israeli company's technology allows businesses to replace their canteens with not only a delivery service, but also with local restaurants. 10bis serves thousands of corporations, representing hundreds of thousands of employees.
While Takeaway.com is mainly a B2C brand, 95% of 10bis's orders are B2B orders. 10bis is also the local market leader in B2C offering, which is underdeveloped but growing rapidly. In 2017, the 10bis processed 15.2 million orders, worth more than €140 million in gross merchandise value, resulting in a revenue of €13.2 million and an adjusted EBITDA1 of €5.7 million.
Tamir Carmel said, "I am proud of the excellent team we have at 10bis, who built the business with professionalism and determination over the past 18 years. The recognition of 10bis as one of the strongest and most loved brands in Israel propels us to continue to serve our customers in the best way."
Takeaway.com COO Joerg Gerbig said: "10bis has built a very attractive and one of the few highly profitable online food marketplaces globally. With this transformative deal, we will be able to add a B2B offering to our already highly compelling B2C and Scoober proposition throughout all our markets. We are excited to welcome the 10bis team at Takeaway.com."
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2018
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