Foodics, a Riyadh-based food and beverage (F&B) and retail technology startup, has acquired the second largest restaurant cloud technology provider in the Middle East and North Africa (MENA), POSRocket in a bid to further expand outside of Saudi Arabia.
The strategic move enables Foodics to take a market leadership position in Egypt, Kuwait, Oman and Jordan on top of the dominant position it already has in the rest of the GCC region. The acquisition also opens the door to further upcoming merger and acquisition (M&A) activities and global expansion from Foodics.
“We 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.”
Mr. Zeid Husban, Chief Executive Astronaut and Founder of POSRocket commented, “Foodics 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.”
Founded in 2016 in Jordan, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time. The acquisition will enable POSRocket merchants to benefit from Foodics’ ecosystem in managing payments, supplies and capital lending infrastructure.