Wix buys food ordering tech co SpeedETab

Avishai Abrahami  / Photo: Shlomi Yosef , Globes

The acquisition will enhance the ability of the Israeli website construction tools company to help restaurant owners build an online presence.

Israeli website construction tools company Wix.com Ltd. (Nasdaq: WIX) has announced the acquisition of Miami-based ordering technology provider SpeedETab. The acquisition will enhance the company's Wix Restaurants unit, which creates and manages a full-service restaurant platform for restaurant owners. No financial details were disclosed. Founded by CEO Avishai Abrahami, Wix is Israel's most valuable company with a market cap on Wall Street of $18.95 billion, after the company's share price has risen 140% since the start of 2020. At the end of 2020, Wix had $1.6 billion in cash and a long term debt of $359 million.

Wix Restaurants lets restaurant owners create an online and mobile presence, provide menus, take online orders and reservations, and receive payments. Over the past year, Wix Restaurants’ global user base grew dramatically as restaurants needed to quickly move their services online during the Covid pandemic and provide ordering, delivery, and pickup options.

Over the past two years, Wix Restaurants’ monthly new sign-ups grew from hundreds to tens of thousands. Overall, the number of restaurants selling online grew by 143%, the number of online orders grew by 378% and the GPV grew by 449%.

Buying SpeedETab will allow Wix Restaurants to integrate with industry-leading restaurant POS systems, enabling restaurant owners to seamlessly manage all online and offline orders in one place. Restaurant owners will also be able to manage orders from multiple channels including their website, as well as directly connect with several leading online marketplace channels and delivery partners.

Wix SVP strategic products Ronny Elkayam said, "It’s more vital now than ever for restaurant owners, from small, local, and family-run, to fine dining and multi-locations to optimize their services with a strong, reliable online presence. We’re excited to bring the online expertise of SpeedETab to join our mission of providing the best online platform for restaurants. Wix Restaurants is already the leading industry solution, and now our combined platform will provide a high value product for the new era of the restaurant industry."

SpeedETab, a leading ordering and payment technology provider for the restaurant industry, provides users with an end-to-end online and mobile ordering solution. Founded in 2013, SpeedETab partners with multiple providers in the restaurant ecosystem to improve the experience for diners and drive revenue growth for restaurant owners. Internally, all SpeedETab employees will become Wix team members.

SpeedETab CEO Adam Garfield said, "Since inception, SpeedETab has been focused on empowering restaurants to increase revenue, engage with their customers, and provide a superior guest experience. As part of Wix Restaurants, we look forward to making it easier than ever for any restaurant to have all the digital tools they need to succeed in one place."

Published by Globes, Israel business news - en.globes.co.il - on March 2, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Avishai Abrahami  / Photo: Shlomi Yosef , Globes
Avishai Abrahami / Photo: Shlomi Yosef , Globes
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