Mad Mobile to Acquire CAKE, a Sysco Company
Mad Mobile, Inc., a leading mobile platform for enterprise restaurants and retailers, today announced it has signed an agreement to acquire CAKE, a restaurant technology company based in Silicon Valley and owned by Sysco Corporation. The CAKE Point-of-Sale (POS) solution serves more than 5,000 restaurant locations today.
The transaction will accelerate Mad Mobile's vision to deliver a next-gen POS solution featuring a modern architecture and mobile capabilities. Mad Mobile will combine its mobile platform with CAKE technology to deliver a mobile-first POS solution for restaurants of all types. COVID-19 has magnified the importance for restaurants to quickly adopt mobile technology to meet the changing needs of guests and employees. Mad Mobile will fully support CAKE's existing customer base while expanding the CAKE offering to include new modules such as Mobile Ordering, Contactless Payment, and Curbside Pickup.
"We are excited about the future of CAKE technology. Mad Mobile has been a great partner of Sysco for six years and they share our passion for the restaurant experience," said Michael Foster, Sysco's Chief Information and Technology Officer. "This transaction allows Sysco to focus our efforts on our digital transformation, including our e-commerce platform, and provides an excellent opportunity for CAKE to accelerate its evolution into a mobile-first platform supporting the unique needs of restaurant businesses."
"There is an enormous opportunity to modernize the restaurant experience with mobile. We have great partners who are helping us do it," said Bruce Bennett CEO. "The CAKE acquisition comes with top-notch technology, a large customer base, and employees who are ready to help us achieve our vision. This is a big day for Mad Mobile."
The transaction is expected to close by September 30, 2020. Financial terms of the deal were not disclosed.