Venture capital-backed Just Eat has made a British acquisition by snapping up Meal2Go for an undisclosed amount.
Just Eat has acquired the technology required to provide its takeaway restaurant partners with a central system for managing orders.
The online takeaway service, which was set up in Denmark in 2001 before moving its base to London, has done so by purchasing Birmingham-based Meal2Go.
According to Just Eat, the technology company’s partners will be able to better view customers’ ordering habits as well as improving customer services and marketing efficiency.
Just Eat has grown to a stage where it is generating £700 million in revenue from its operations in 13 countries. Its growth to date has been funded by venture capital investors, with its last investment bringing in £40 million.
Back in April 2012, Index Ventures led the transaction, taking Just Eat’s total funding up to over £80 million.
Graham Corfield, UK managing director of Just Eat, says, ‘We know there is huge demand amongst takeaway businesses for great value, high quality EPOS [electronic point-of-sale] technology, which we will now be able to offer.
‘This move is part of our wider strategy to make the bolt-on acquisitions and partnership deals that will ensure we continue to innovate and drive further significant growth for our takeaway restaurant partners.’
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- Just Eat in £10.5 million Series A
Just Eat now has in excess of 36,000 takeaway restaurants signed up to its platform and has seen its smartphone application downloaded 3 million times.
In February 2013, long-serving CEO Klaus Nyengaard stepped down from his role so that he could spend more time in his native Denmark.
Meal2Go founder and CEO Marcus Rezaei adds that the business has spend a ‘lot of time and effort’ to build its EPOS system.
‘It is great to know that many more takeaway restaurants will be able to benefit from this as part of the wider Just Eat offering,’ he says.