A leading GCC Restaurant-Tech firm in Saudi Arabia, Foodics, had recently announced an acquisition and whole ownership of POSRocket, a second core restaurant Cloud technology provider in MENA. This landmark and future-oriented acquisition mark a huge strategic initiative by both firms. This will also empower the Foodics in the consolidation of the market, creating a market leadership position within Egypt, Kuwait, Oman, and Jordan as well as the already robust position held at rest of the GCC.
This initial acquisition also paves a path for further upcoming M&A activities and international expansion from Foodics. POSRocket had been founded in 2016 in Jordan, and offers out cloud-based POS software for restaurants as well as retailers, permitting owners to remotely manage operations in real-time.
Since its inception in 2014, Foodics has successfully accomplished and processed over US$5 billion worth of orders through its platform and is targeting 150,000 terminals by the closure of 2024.
Ahmad Al-Zaini, Foodics CEO and Co-founder commented: โWe are delighted to welcome the POSRocket astronaut team, its clients, and partners to the Foodics family and look forward to growing together for the benefit of the wider ecosystem. Our acquisition of the fast-growing and second-largest restaurant Cloud technology provider in the region is very strategic as it naturally establishes our position as the dominant player across MENA and beyond”
Zeid Husban, POSRocket Chief Executive Astronaut and Founder commented: โFoodics is a natural fit for POSRocket, as both brands are driven by helping business owners grow their operations. Bringing our talented teams together is a strategic move that yields us a unique competitive advantage. Now powered by Foodics, the POSRocket astronauts are delighted to be joining a larger team and brand, and with access to funding, we are looking forward to a bright future together.”
