Foodics grows MENA footprint with acquisition of provider of restaurant cloud technology POSRocket
FOODICS , the Saudi Arabian-based Gulf Cooperation Council (GCC) restaurant technology leader, has announced its first acquisition, with full ownership of POSRocket , the second largest provider of restaurant cloud technology in the Middle East and North Africa (MENA).
The acquisition is a strategic move by the two companies and allows Foodics to consolidate itself in the market, as well as to assume market leadership in Egypt, Kuwait , Oman and Jordan, in addition to the dominant position it already held in the rest of the GCC. This first acquisition also opens the door to future mergers and acquisitions activities and Foodics' international expansion.
Founded in 2016 in Jordan, POSRocket offers cloud-based POS software for restaurants and retailers that allows owners to manage operations remotely in real-time. The acquisition will allow POSRocket merchants to benefit from Foodics' ecosystem in managing payments, supplies and capital lending infrastructure.
Ahmad Al-Zaini , CEO and co-founder of Foodics, commented, "We are delighted to welcome the POSRocket team of astronauts, their customers and partners into the Foodics family and look forward to growing together for the benefit of the wider ecosystem. Our acquisition of the second largest provider of the rapidly growing restaurant cloud technology region is very strategic as it naturally establishes our position as a protagonist across MENA and beyond."
Zeid Husban , Executive Astronaut and Founder of POSRocket, commented, "Foodics naturally fits POSRocket as both brands are driven by helping business owners grow their operations. Bringing our talented teams together is a strategic move that provides a unique competitive advantage. Now, powered by Foodics, POSRocket astronauts are delighted to be joining a larger team and brand, and with access to funding, we look forward to building a bright future together."
Since its founding in 2014, Foodics has successfully processed more than USD 5 billion in orders through its platform, and its goal is 150,000 terminals by the end of 2024.
