Yesterday, major news has been going viral in the entrepreneurship sector and it will leave a positive impact on the startup ecosystem; this news is about the famous and leading GCC Restaurant-Tech company Foodics acquiring POSRocket. This is a major step that gives the MENA startups and founders the proof that an exist is possible within the region.
Here’s how the deal was sealed.
What To Know About Foodics
Foodics is the leading GCC restaurant- tech company; it is based in Saudi Arabia and its headquarters in Riyadh and it was founded in 2014. The company has 8 offices in Saudi Arabia, the United Arab Emirates, Jordan, Kuwait, Egypt, and the Netherlands.
Foodics uses the 360 SaaS ecosystem that allows it to forge ahead in the F&B industry by supporting its end-to-end digitization. The company’s mission is to provide and empower restaurant owners with a comprehensive cloud-based POS system to enrich their operations. Foodics’ vision is to build a complete ecosystem for restaurant management that will enable the owners to grow their business and run the operation seamlessly.
It services many segments of the food and beverage industry from traditional dine-in restaurants, cafés, Quick Service Restaurants, bakeries, food trucks to cloud kitchens.
FOODICS Acquires POSRocket
On the 9th of January 2022, Foodics announced its first acquisition with full ownership of POSRocket the second-largest restaurant Cloud technology provider in MENA.
Since Foddics’ inception in 2014, it has successfully processed over 5 billion dollars worth of orders through its platform and is targeting 150,000 terminals by the end of 2024.
This remarkable acquisition is a strategic move by both companies; it will enable Foodics to support the market and 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 decision also opens the door to upcoming M&A activities and international expansion from Foodics.
Ahmed Al-Zaini who is the CEO and Co-founder of Foodics has stated the following,
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.”
More About POSRocket
POSRocket is the second-largest restaurant Cloud technology provider in MENA and It was founded in 2016 in Jordan.
The company offers cloud-based POS software for restaurants and retailers, which allows the owners to manage operations in real-time remotely. This acquisition will allow POSRocket merchants to benefit from the ecosystem of Foodics in managing payments, supplies, and capital lending infrastructure.
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.
This step sets the road for Foodics to be the dominant restaurant in the MENA region and it will shape its own success story to be a case study for those who want to lead a successful business.