Square Is Apparently About To Buy Caviar For About $90 Million [Updated]
Update: Square just made the announcement:
We are excited to share the news that we’ve acquired Caviar.
The Caviar team has built a seamless delivery experience that instantly connects buyers with top-rated, popular restaurants that do not otherwise offer delivery on their own. For restaurants, Caviar is an affordable, convenient alternative to an in-house delivery solution and drives additional revenue.
More than 50,000 restaurants already use Square’s complete register service. With Caviar, we’re deepening our commitment to providing these sellers with services that make it easier for them to grow their business.
The price was not disclosed.
Original article: Square is reportedly set to announce its acquisition of Caviar, a food delivery service based in San Francisco.
Several weeks ago, TechCrunch reported that the two companies were in talks, indicating that the price could be “at least $100 million,” citing “several sources”. As recently as this past Friday, The New York Times also reported that the two were “said to be in talks”. Its sources put the price at “around $90 million in an all-stock transaction”.
Caviar was founded a couple years ago. Its official mission is to ” provide access to the city’s best restaurants in the comfort of your home or office, enabled by technology. Browse a picture menu, customize your meal, and get delivery straight to your door. No minimums and no compromises. Only premium food and premium delivery.”
Neither company has been officially commenting, but Re/code reported Monday morning that Square will announce the deal this week.
In case you’re wondering why Square might acquire a food delivery service, it’s worth noting that the company recently replaced its Square Wallet app with Square Order, which is designed to let customers order food, and pick it up.
Square announced last week that it is preparing to launch a new version of Square Reader for small businesses to accept chip cards.
Image via Square