The acquisition will enable Mad Mobile to deliver a next-gen point-of-sale solution to clients incorporating new features including mobile ordering, contactless payments and curbside pickup.
TAMPA, Fla., Aug. 6, 2020 /PRNewswire/ -- Mad Mobile, Inc., a leading mobile platform for enterprise restaurants and retailers, today announced it has signed an agreement to acquire CAKE, a restaurant technology company based in Silicon Valley and owned by Sysco Corporation (NYSE: SYY). The CAKE Point-of-Sale (POS) solution serves more than 5,000 restaurant locations today.
The transaction will accelerate Mad Mobile's vision to deliver a next-gen POS solution featuring a modern architecture and mobile capabilities. Mad Mobile will combine its mobile platform with CAKE technology to deliver a mobile-first POS solution for restaurants of all types. COVID-19 has magnified the importance for restaurants to quickly adopt mobile technology to meet the changing needs of guests and employees. Mad Mobile will fully support CAKE's existing customer base while expanding the CAKE offering to include new modules such as Mobile Ordering, Contactless Payment, and Curbside Pickup.
"We are excited about the future of CAKE technology. Mad Mobile has been a great partner of Sysco for six years and they share our passion for the restaurant experience," said Michael Foster, Sysco's Chief Information and Technology Officer. "This transaction allows Sysco to focus our efforts on our digital transformation, including our e-commerce platform, and provides an excellent opportunity for CAKE to accelerate its evolution into a mobile-first platform supporting the unique needs of restaurant businesses."
"There is an enormous opportunity to modernize the restaurant experience with mobile. We have great partners who are helping us do it," said Bruce Bennett CEO. "The CAKE acquisition comes with top-notch technology, a large customer base, and employees who are ready to help us achieve our vision. This is a big day for Mad Mobile."
The transaction is expected to close by September 30, 2020. Financial terms of the deal were not disclosed.
About Mad Mobile
Mad Mobile is an Apple Mobility Partner for enterprise retail and restaurants. Mad Mobile's unique technology modernizes legacy POS systems to launch mobile-first experiences for employees and customers including Mobile POS, Mobile Ordering, Self-Checkout, Contactless Payment, and Curbside Pickup. Offices in Tampa (HQ) and Buenos Aires. For more information, please visit www.MadMobile.com or follow @MadMobile on Twitter.
About CAKE
Based in Silicon Valley, CAKE is a Sysco company offering restaurant-specific technology solutions. CAKE's platform seamlessly integrates front and back of house restaurant operations, allowing restaurant owners and operators to achieve unparalleled visibility into and control over their point of sale, table and waitlist management, menu pricing, guest preference tracking, reservations systems, inventory and payroll. CAKE has offices in Silicon Valley, California, Austin, Texas, and Sri Lanka. Learn more at www.trycake.com.
About Sysco
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. The company operates more than 320 distribution facilities worldwide and serves more than 650,000 customer locations. For fiscal 2019 that ended June 29, 2019, the company generated sales of more than $60 billion. Information about our CSR program, including Sysco's 2019 Corporate Social Responsibility Report, can be found at www.sysco.com/csr2019report.
For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the company's Internet home page at http://investors.sysco.com/, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. Investors should also follow us at www.twitter.com/SyscoStock and download the Sysco IR App, available on the iTunes App Store and the Google Play Market. In addition, investors should continue to review our news releases and filings with the Securities and Exchange Commission. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.
