SpotOn to sell sports-entertainment business

Article posted by Coliseum, October 10^th, 2023

Image: SpotOn and Shift4

SpotOn, one of the leading software and payment companies in the United States, announced recently that it has reached a strategic agreement to sell its Sports & Entertainment business to the American payment processing company Shift4, while retaining select assets to support the growth of its restaurant business.

‘businesswire’ stated that the move will streamline the SpotOn business, focusing resources on the restaurant industry. SpotOn Restaurant has delivered high double-digit growth year over year and has been rated the #1 restaurant point-of-sale by the real users.

San Francisco (US)-based SpotOn is one of the leading software and payment companies providing the technology and support that helps the local businesses – and the people that run them – to succeed on their own terms. Known for its flexible, cloud-based technology and personalized support, SpotOn offers an end-to-end platform to accept payments, boost revenue, streamline operations, and create exceptional guest experiences. From seamless and efficient point-of-sale systems to integrated restaurant management solutions, SpotOn builds technology that “works the way you work”, and backs it up with a 24/7 team of experts who make sure it always does – with fairness, flexibility and a personal touch.

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Shift4 is an American payment processing company publicly listed on the New York Stock Exchange (NYSE) and based in Allentown, Pennsylvania. The company founded in 1999 by the then 16-year-old Jared Isaacman processes payments for over 200,000 businesses in the retail, hospitality, leisure, and restaurant industries.

The New York Stock Exchange is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is the largest stock exchange in the world by market capitalization.

The SpotOn Restaurant is a cloud-based point-of-sale solution that enables businesses to streamline processes related to food ordering, tableside payments, customer retention, and more.

Said Zach Hyman, Co-Founder and Co-Chief Executive Officer (CEO) of SpotOn, “The unique structure of this deal enables SpotOn to accelerate product development in support of our restaurant business while ensuring that our Sports & Entertainment clients are well supported going forward. This move enables us to double down on our Restaurant business, providing the necessary focus, resources and investment to become the best restaurant technology company in the business.”

Focus and Investment in Restaurants

‘businesswire’ further stated that following the deal, SpotOn will focus teams and investment to supercharge growth in the Restaurant space. The company began serving restaurants in 2019 and has aggressively grown its market share each year. SpotOn Restaurant is now one of the most comprehensive, end-to-end restaurant technology platforms on the market, giving restaurant operators everything they need to drive profit – from an intuitive point-of-sale system with solutions for online ordering, reservations and labor management to hardware designed to improve employee efficiency and service speed. Like all SpotOn products, it includes marketing tools, comprehensive reporting and 24/7/365 personalized customer support.

NerdWallet recently named SpotOn Restaurant the best customizable restaurant POS system. It was also named the top-rated restaurant point-of-sale over Toast, Clover and TouchBistro, according to Capterra’s Competitive Comparison report. Based on Capterra reviews from real restaurant operators, SpotOn received the highest marks among its competition in functionality, customer support and value for money.

San Francisco (US)-based NerdWallet is an American personal finance company founded in 2009 by Tim Chen and Jacob Gibson. It has a website and app that earns money by promoting financial products to its users.

The Toast POS system is a cloud-based restaurant point of sale and online ordering system designed for food outlets such as eateries, cafes and food trucks. Toast offers large and small businesses a range of functionalities to streamline restaurant management. The Toast, Inc. is a cloud-based restaurant management software company based in Boston (US).

Clover is an intuitive and easy-to-use point-of-sale (POS) system for small and medium businesses. It has various software and hardware options to suit one’s needs. Whether one runs retail business, own a restaurant or provide services, Clover can meet one’s processing and POS needs and is based in Sunnyvale (US).

TouchBistro’s point of sale is a powerful platform built specifically for restaurants. Fast, reliable and easy-to-use, TouchBistro POS has all the features one needs to streamline one’s operations and boost one’s bottom line. It is a Toronto (Canada)-based company.

The Financial Technology Partners (FT Partners) served as the exclusive strategic and financial advisor to SpotOn on this transaction.

San Francisco (US)-based the Financial Technology Partners (‘FT Partners’) is the only investment banking firm focused exclusively on the financial technology (‘FinTech’) sector. The firm broadly defines the sector as the dynamic convergence of technology-based solutions and financial services.

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