- Saudi Arabia-based fintech and foodtech startup FOODICS has fully acquired the Jordan-based POS service provider POSRocket for an undisclosed amount.
- Founded in 2016 by Zeid Husban, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time.
- The acquisition will enable FOODICS to enhance its market position in Egypt, Kuwait, Oman and Jordan.
FOODICS, the leading GCC restaurant-tech company based in Saudi Arabia, has announced today its first acquisition, with the full ownership of 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 had in the rest of GCC. This first acquisition also opens the door to further upcoming M&A activities and international expansion from Foodics.
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.
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 digitisation 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 customers footprints 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.”
Zeid Husban, POSRocket Chief Executive Astronaut and Founder commented, “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.”
Since its inception in 2014, Foodics has successfully already processed over $5 billion worth of orders through its platform and is targeting 150,000 terminals by the end of 2024.