Grubhub Completes Acquisition of Tapingo
Closes acquisition of additional OrderUp food delivery markets
CHICAGO, Nov. 7, 2018 /PRNewswire/ — Grubhub (NYSE: GRUB), the nation’s leading online and mobile food-ordering and delivery marketplace, today closed its previously announced acquisition of Tapingo, a leading platform for campus food ordering. Under terms of the agreement, Grubhub paid $150 million in cash for Tapingo, funded through cash on hand and Grubhub’s existing credit facility.
Tapingo’s technology, currently used by more than 150 colleges and universities nationwide, directly integrates mobile ordering into campus meal plans and point-of-sale systems, making it easier than ever for students to eat on campus. Tapingo powers tens of thousands of order-ahead pickup transactions per day and serves more than half a million active diners at on-campus cafes, restaurants, and cashier-less stores.
Grubhub’s restaurant marketplace and delivery operations complement the Tapingo platform and will enable campus dining programs to expand delivery capabilities and access more diners both on and off campus, while providing students with greater convenience and more restaurant options.
Additionally, on Oct. 30, Grubhub closed its previously announced acquisition of 11 franchisee-owned OrderUp food delivery markets, which add to the 27 OrderUp markets Grubhub acquired in 2017. Terms of the transaction were not disclosed.
Grubhub expects the Tapingo and OrderUp transactions combined will contribute revenue of approximately $3 million to fourth quarter results and negatively impact EBITDA by less than $1 million.
Grubhub (NYSE: GRUB) is the nation’s leading online and mobile food-ordering and delivery
marketplace with the largest and most comprehensive network of restaurant partners, as well as the largest diner base. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub strives to elevate food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub is proud to work with more than 95,000 restaurant partners in over 1,700 U.S. cities and London. The Grubhub portfolio of brands includes Grubhub, Seamless, LevelUp, Tapingo, Eat24, AllMenus and MenuPages.