KSA-Based Foodics Acquires UK-Based Solo Venture
Foodics also announced investments in three startups: Greece-based Norma, as well as Add and Arzaq Plus, both of which are based in Saudi Arabia.
Foodics, a Saudi Arabia-based restaurant and payments technology company, has acquired Solo Venture, a UK-based provider of self-ordering kiosks and online ordering technology.
Foodics, established in 2014 in Saudi Arabia by co-founders Ahmad Al-Zaini and Mosab Alothmani, aims to provide a comprehensive software-as-a-service (SaaS) ecosystem for the food and beverage industry.
The acquisition of Solo Venture will thus enable Foodics to offer restaurants a seamless solution to manage their operations, from dine-in and online ordering to payments and analytics.
Solo Venture's self-service solutions, powered by artificial intelligence (AI) and analytics, will be integrated into the Foodics ecosystem. This integration will provide restaurants with the tools they need to streamline their operations and improve customer experiences.
In addition to the acquisition, Foodics announced investments in three startups. The first, Norma, is a Greece-based company that enables business professionals to make informed decisions by providing them with easy-to-use data analytics tools.
The second is the KSA-headquartered Add, an accounting system designed for small and medium businesses, that enables businesses to efficiently capture data, generate financial reports, and manage payroll.
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Foodics also invested in the Saudi Arabia-based Arzaq Plus, a supply chain platform that uses AI, data analytics, and smart logistics to optimize sourcing and reduce waste. Foodics plans to introduce a buy now, pay later (BNPL) feature for restaurant bills, which will help restaurants manage their cash flow and increase revenue.
Foodics did not disclose the investment values in Norma, Add, and Arzaq Plus.
This announcement coincides with Foodics’ 10th anniversary. Over the past decade, Foodics has served over 30,000 food and beverage businesses across 30 countries.
In a statement, Al-Zaini, co-founder and CEO of Foodics, said, “This acquisition is a significant step in our mission to build the most comprehensive restaurant management platform in the MENA and beyond. To further support our ecosystem and the future of tech in the F&B sector, we are allocating US$100 million in strategic acquisitions and investments in fintech, AI, and other transformative technologies over the coming three years.”
Anas Alghanim, the director of corporate development at Foodics, commented, “At Foodics, every investment we make is aimed at creating valuable solutions that drive growth and deliver tangible success, ensuring that we empower our partners and customers to shape the future of the industry.”
