Saudi company Foodics acquires Solo to broaden self-ordering and software offerings for eateries
Saudi-based Foodics, a leading provider of digital solutions for the food and beverage (F&B) industry, has made a significant move in the tech market. The company, founded by Ahmad Al-Zaini in 2014, has recently acquired UK-based Solo Venture, a provider of self-ordering kiosks and digital ordering solutions, for an undisclosed amount.
This acquisition is set to integrate self-service solutions and AI-powered analytics into Foodics' existing ecosystem, further enhancing its digital offerings.
In addition to the acquisition, Foodics has made strategic investments in three startups: Norma, Add, and Arzaq Plus. Norma, an AI-powered data analytics company, Add, a provider of SMB accounting solutions, and Arzaq Plus, a supply chain platform for the F&B industry.
Through the Arzaq Plus investment, Foodics plans to introduce "Buy Now, Pay Later" features for restaurant bills. This move is aimed at helping restaurants better manage their cash flow and increase revenue.
Ahmad Al-Zaini, co-founder and CEO of Foodics, has announced plans to allocate $100M in strategic acquisitions and investments in Fintech, AI, and other transformative technologies over the next three years.
Foodics serves more than 30,000 F&B business owners across 30 countries. The company has processed over 6 billion orders through its platform, solidifying its position as a key player in the digital F&B industry.
In a recent development, Foodics has raised $170 million in its Series C round, further strengthening its position as a licensed Fintech by the Saudi Central Bank (SAMA).
While details regarding Foodics' transactions with Norma, Add, and Arzaq Plus are not currently available, this news marks an exciting time for the company as it continues to grow and innovate in the digital F&B space.
- The acquisition of Solo Venture, a technology-driven provider of self-ordering kiosks and digital solutions, further positions Foodics as a leader in the digital F&B industry, integrating self-service solutions and AI-powered analytics into its existing ecosystem.
- Ahmad Al-Zaini, Foodics' co-founder and CEO, has expressed plans to allocate $100M over the next three years for strategic acquisitions and investments in Fintech, AI, and other transformative technologies, aiming to enhance and expand the company's digital business and finance offerings.
