PR93995

RIYADH, Saudi Arabia, Jan. 10, 2022 /PRNewswire＝KYODO JBN/--

- Strategic Landmark first acquisition for Foodics to consolidate the market

- Deal positions Foodics as the dominant Restaurant-tech provider in MENA

- POSRocket is the second largest restaurant Cloud technology player in the

  region

- First acquisition also opens the door to further upcoming M&A activities

    FOODICS(https://www.foodics.com/), the leading GCC Restaurant-Tech company

based in Saudi Arabia, has announced today its first acquisition, with the full

ownership of POSRocket (https://www.posrocket.com/), 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 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."

    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 US$5 billion worth of orders through its platform, and is targeting

150,000 terminals by the end of 2024.

    More information about FOODICS: https://www.foodics.com/

    https://www.foodics.com/

    Photo: https://mma.prnewswire.com/media/1722736/Foodics_CEO.jpg

    Source: Foodics