KSA-based Foodics acquires Jordan’s POSRocket
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Saudi Arabia’s leading GCC Restaurant-Tech startup Foodics has announced today its first acquisition, with the full ownership of Jordan-based 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 a market leadership position in Egypt, Kuwait, Oman, and Jordan on top of the dominant position it already has in the rest of GCC. This first acquisition also opens the door to further upcoming M&A activities and international expansion from the FoodTech startup.
It is cross-market acquisitions like this one that excites us the most at MAGNiTT in the year to come, following a stellar year for exits in 2021. Exits recorded in 2021 across EVMs were more than double that of the year before, indicating staggering startup success and entrepreneurial acumen. Many of these Exits observed cross-market acquisitions like UAE-based Fenix acquiring its Turkish counterpart Palm, Jordan-based Abwaab acquiring Pakistan-based Edmatrix, and even UAE-based Trukker acquiring Pakistan-based Trucksher. Aside from cross-market acquisitions in 2021, we’ve also observed many international acquisitions in MENA like US-based Stillfront Group acquiring Jordan-based Jawaker, or UAE-based iKcon getting acquired by US-based Reef.
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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. In light of this new power partnership, 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 customer footprint 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.”
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. With this new acquisition, the two startups will be able to combine their Tech stack and market coverage to create unprecedented regional opportunities across MENA. Zeid Husban, POSRocket Chief Executive Astronaut and Founder concluded, “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.”
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