Fiserv, a Wisconsin-based payment and financial services company that created the Clover point-of-sale platform, has signed an agreement to acquire BentoBox, a digital marketing and commerce platform that’s largely focused on small and medium-sized restaurants.
The transaction is intended to expand Clover’s capabilities, a cloud-based POS product that’s used by nearly 200,000 restaurants of all sizes.
Founded by Krystle Mobayeni and Pierre Drescher in 2013, New York-based BentoBox is used by more than 7,500 restaurant concepts with more than 14,000 locations. Bento’s products and services include website design—its original offering—as well as online ordering and marketing tools, all built with the goal of driving growth and customer engagement for restaurant operators. In recent years, it has also expanded its vision to giving restaurants new ways to generate revenue and create what it calls “differentiated customer experiences.”
In a press release announcing the transaction, the companies said this combination will “drive increased operational efficiencies for restaurants and enable operators to deliver seamless and distinct hospitality experiences for their diners, eliminating friction in the system today.”
This deal is the latest in a wave of M&A and big-ticket partnerships that have been announced in the technology side of the restaurant industry in recent months—all while investor interest in the space remains at an all-time high in the wake of the successful public offerings of Olo and Toast.
“Consumers today expect a consistent, seamless experience when engaging with restaurants both in person and online,” said Frank Bisignano, president and CEO of Fiserv. “The addition of BentoBox’s premier website capabilities to the business management solutions of Fiserv will strengthen our omnichannel platform, providing restaurants of all sizes and types with an integrated offering that delivers a customizable consumer experience.”
“Joining Fiserv is a transformational step for BentoBox,” said BentoBox CEO Krystle Mobayeni. “BentoBox is committed to elevating every interaction between restaurants and their guests. Together with Fiserv, we look forward to rapidly growing our omnichannel capabilities with exceptional digital experiences for restaurants and their customers.”
Danny Meyer, founder and CEO of Union Square Hospitality Group commented, “We have been a proud partner of BentoBox since 2015. It has been incredible to watch BentoBox evolve and lead the digital transformation of restaurants. I look forward to seeing BentoBox and Fiserv create world-class technology that helps restaurants continue to innovate, break barriers, and build more personal guest relationships.”
The transaction is subject to customary approvals and closing conditions and is expected to close in the fourth quarter of 2021. Financial terms of the transaction were not disclosed.