News Briefs

Shift4 has acquired a majority stake in Vectron Systems AG, a European suppliers of point-of-sale (POS) systems to the restaurant and hospitality verticals. 

Based in Germany, Vectron has 65,000 POS locations across Europe, representing. Shift4 is expected to acquire additional ownership of Vectron through a public tender offer that is expected to conclude within the next month, with a de-listing and formal integration process to occur shortly thereafter.

The acquisition is expected to provide Shift4 with an expansive customer footprint across Europe as well as a distribution network of ~300 POS resellers. As a result of the acquisition, Shift4 believes it will be able to add its integrated payment services to current Vectron customers and products, while also empowering the sales force with a compelling all-in-one POS and payments solution unrivaled in Europe.

“Shift4 was at the forefront of the convergence between software and payments in the restaurant and hospitality verticals in the US. We see an incredible amount of demand for a similar all-in-one solution across Europe,” states Shift4 CEO Jared Isaacman. “With our integrated payments and SkyTab offering, we believe we have the best solution at the right price point. Vectron will provide valuable local expertise, infrastructure, and the distribution necessary to meet the demand. This acquisition is right out of the Shift4 playbook – enabling us to unlock synergies, expand our distribution, and monetize payments for a large existing install base.”

Completes Revel Systems Acquistion

In addition to the acquisition of Vectron, Shift4 has also completed its previously announced acquisition of Revel Systems. Revel has over 18,000 merchant locations across the United States and internationally which Shift4 estimates represents a $17B+ payment opportunity. Revel also has a direct sales and dealer distribution network which Shift4 believes can be leveraged to accelerate SkyTab distribution both domestically and abroad. 

Shift4 has signed a definitive arrangement agreement to acquire Givex Corp., a global provider of gift cards, loyalty programs and point-of-sale solutions. 

The Arrangement Agreement is subject to customary closing conditions and the transaction is expected to be completed in the fourth quarter of this year. 

With across more than 100 countries, Givex serves a wide range of businesses in various industries, including 7-Eleven, Wendy’s, Best Western, Texas Roadhouse. 

The company offers robust gift card and e-gift solutions as well as customizable loyalty programs, and a point-of-sale (POS) system for various business types, among other value-added services.

 “Givex has a considerable footprint around the world which will dramatically increase Shift4’s overall customer base,” states Shift4 President Taylor Lauber. “At the same time, their gift card and loyalty solutions are second to none and will add significant value for our current customers, creating stickier relationships andh 130,000+ active locations enhancing our overall value proposition. Similar to other deals we have recently completed, this acquisition aligns perfectly with how we like to deploy capital – adding blue-chip merchants at a low customer acquisition cost while delivering additional benefits to our customer base.” 

“The Givex team looks forward to joining the Shift4 family and bring our enterprise gift card capabilities and loyalty programs to hundreds of thousands of new customers,” says Don Gray, CEO of Givex. “By combining Shift4’s end-to-end payment solution with our value-added engagement services, we can deliver an unparalleled package to both of our customer bases.”  

Tucker’s Farm Corp. has acquired Pizza Factory Inc., a restaurant franchisor. The acquisition was completed via the Farm’s franchisor platform Wonder Franchises. Founded in 1979 by Danny Wheeler and Ron Willey, Pizza Factory has approximately $94 million in system sales across 84 franchisees and 110 restaurants. Since 2012, the business has been led by owner and CEO, Mary Jane Riva, who will stay on as CEO moving forward.

In 2023, Tucker’s Farm launched Wonder, a franchise-focused holding vehicle, with $30 million of committed, long-term equity capital. Wonder is dedicated to partnering with and acquiring emerging to mid-size brands with the goal of long-term growth. Wonder’s priority is to be a great partner to sellers and a responsible steward for world-class brands and related assets.

“We’re extremely excited to be acquiring Pizza Factory and to be partnering with MJ to take Pizza Factory to the next level. We love the longevity and stability of the system, the passion that MJ and her team have for their franchisees, and the community-focused culture of the brand. We feel fortunate to be partnering with someone with as much character and knowledge as MJ and believe there’s a great fit both culturally and in terms of our respective skillsets. We’re excited to have the deal closed so we can now focus on driving value for our franchisees,” said Adam Lewin, a partner on the private equity team at Tucker’s Farm and CEO of Wonder Franchises.

This is the third franchise transaction for Tucker’s Farm in recent months, after portfolio company VIO Med Spa, the nation’s med spa franchisor, was successfully sold to Freeman Spogli in September 2024, and Wonder acquired The Decor Group, the leading holiday decorating franchisor with 245 franchised territories and $75 million in system sales, in November 2024.

Riva received HT's Top Women in Restaurant Technology - Lifetime Achievement Award in 2024.  

“I’ve been part of this system for more than 30 years and this company means the world to me. I chose Wonder because I really felt they were the partner that could help improve and grow the system but would do so in a way that took good care of the brand and the franchisees. The Wonder team is smart, young, and energetic – all things that I love – but the thing that really stood out compared to other groups was the way they asked so many questions. They didn’t come in with a ‘we know best’ mindset, they truly wanted to learn about Pizza Factory, understand what’s gotten us this far, and build on what we’re doing. The better I’ve gotten to know their team, the more confident I am that Wonder is the right partner and that the next chapter for Pizza Factory will be a great one.” 

A community staple in 100-plus communities, Pizza Factory has stayed true to its roots with hardworking operators, family-friendly dining and high-quality products, offering fresh, hand-tossed pizza, pasta, wings, sandwiches, salads, beer, wine and more. With multiple restaurant designs, an Express model, and robust off-premise dining options including delivery and mobile ordering through a custom app, Pizza Factory is built to excel in the restaurant industry moving forward.

Shake Shack announced the appointment of Steph So as Chief Growth Officer and Luke DeRouen as Chief Communications Officer, strengthening its leadership team as the company embarks on its next phase of growth. Both will report into Rob Lynch, CEO of Shake Shack, and their roles mark new additions to the Company’s leadership structure. Shake Shack’s Chief Marketing Officer, Jay Livingston, will move into a special projects role before leaving the organization at the end of March to pursue new opportunities.

Steph So, formerly Senior Vice President of Digital Experience at Shake Shack, has been promoted to Chief Growth Officer, where she will lead the Company’s digital marketing and experience, promotional strategy, consumer analytics, and culinary innovation. Since joining Shake Shack in 2019, Steph has played a pivotal role in driving digital growth, enhancing the Shack App and website, and launching impactful co-marketing campaigns with delivery partners. Her previous experience includes serving as Chief Marketing Officer at Extend Fertility and Cover FX, as well as leadership roles at Ralph Lauren, Shopbop, and The Estée Lauder Companies, where she specialized in brand building across fashion, beauty, and e-commerce.

Luke DeRouen has been named Chief Communications Officer and will oversee all brand strategy, national and regional marketing, and corporate and external communications for Shake Shack. With nearly 20 years of experience in marketing and communications, Luke most recently served as Executive Vice President at Zeno Group and was previously Chief Marketing Officer at Walk-On’s Sports Bistreaux. He has also held leadership positions at Inspire Brands, specializing in brand experience and activation, partnerships, field marketing and communications at Buffalo Wild Wings and Arby’s.

“Shake Shack is at a pivotal moment of growth and evolution, and we’re thrilled to welcome both Steph and Luke to our leadership team,” said Rob Lynch, CEO at Shake Shack. “Their expertise and passion for brand-building will be instrumental in shaping our future, deepening our guest connections, and expanding Shake Shack’s footprint while staying true to our roots of exceptional quality and hospitality.

“I’d also like to thank Jay Livingston for his leadership and contributions in growing the Shake Shack brand over the past six years,” added Lynch. “He’s built an incredible team across a broad range of functions that drive our business.”

In addition, Nancy Combs has been appointed Senior Vice President of Culinary and Calendar Innovation, reporting into Steph So. She brings a wealth of experience from her tenure at Papa John’s and Inspire Brands, where she played a significant role in menu innovation, digital strategy and brand growth. At Shake Shack, Nancy will be responsible for driving the Company’s evolving menu strategy and culinary innovation in support of its growth and strategic priorities.

iSeatz, a technology company powering travel experiences that inspire loyalty, released the third edition of its annual series exploring the dynamics of the U.S. travel loyalty marketplace: The Tipping Point: How U.S. Travel Loyalty is Evolving—A Three-Year Perspective.

This year's report analyzes year-on-year changes in consumer behavior, program design, and technology adoption, offering insights into the priorities reshaping loyalty programs. Drawing on surveys of 256 loyalty program decision-makers and 4,341 U.S. consumers, it examines the evolving relationship between brands and their members, highlighting opportunities in reward diversification and user experience, among other areas.

Key findings reveal the growing role of AI and personalization in engaging important consumer segments and notable changes in how brands evaluate the performance of their travel rewards programs. This year, iSeatz has also introduced a companion report exploring the Canadian loyalty market: The Tipping Point: Inside Canada's Changing Loyalty Landscape. 

"This year's findings and the broader trends we have observed over three years reinforce the central role that travel rewards play in driving loyalty program performance," Larry Wine, President of iSeatz. "Our survey data makes a compelling case for investing in adaptable, innovative travel technology that meets the expectations of American consumers and enhances the value of brands' loyalty programs."

Growth Continues in the U.S. Travel Rewards Ecosystem

The availability of travel rewards in the U.S. continues to surge as consumer demand for travel remains strong and more brands incorporate travel rewards into their loyalty offerings. For the first time, a majority of American consumers (55%) report belonging to a loyalty program that allows them to earn or redeem points for travel. Additionally, 22% of consumers now say that three to five of their loyalty programs include travel booking capabilities—an 8-point increase compared to 2023.

Brands Revise Their Performance Metrics

Brands are prioritizing metrics that emphasize the long-term impact and profitability of their travel loyalty programs, focusing on key performance indicators that directly link customer satisfaction to sustained growth. This year, 47% of brands, including 79% of North American programs with over 50 million members, say they measure program success through customer lifetime value (CLV), and 43% rely on net promoter score (NPS),, highlighting a shift toward profitability-focused strategies.

Americans Prioritize Value, Find UX Frustrating

For the third consecutive year, consumers have ranked savings on travel as the most valuable benefit of their loyalty programs, with 44% placing it at the top of their priorities. At the same time, 62% report that user experience issues make booking travel through their programs unnecessarily difficult. Despite these frustrations, only 6% of brands view user experience as a challenge, and just 29% are actively addressing the issue or prioritizing platform improvements, showing a glaring disconnect between consumer needs and brand priorities.

Opportunities for Differentiation: AI and Personalization

Incorporating AI tools and presenting more personalized offers may help brands engage critical segments of their customer bases. Nearly half of consumers (47%) say they have used AI to plan travel within their loyalty programs, while 45% of brands say "finding optimal ways to integrate AI into their loyalty strategy" is a top challenge. Personalization carries particular weight among high-value groups: 84% of luxury program members value tailored offers, while 76% of households with children prefer personalized options, compared to 54% without children.

"Survey data shows that brands must focus on resolving long-standing user experience issues, expand their reward offerings, and adopt better travel technology to meet their members' needs," ,adds Wine. "Regardless of sector, loyalty programs that address these areas will be far better positioned to drive stronger engagement and sustained growth, and importantly, differentiate their proposition."

The 2025 U.S. Tipping Point report can be downloaded here; a companion report examining the Canadian loyalty market is also available: The Tipping Point: Inside Canada's Changing Loyalty Landscape.

ReInvestWealth, an AI-powered accounting software, has partnered with Hostaway, a property management platform for short-term rentals, to bring seamless bookkeeping automation to property managers. This collaboration eliminates time-consuming manual data entry, ensuring financial accuracy while saving property managers over four hours per month on bookkeeping tasks.

The demand for AI-driven automation is rapidly growing, with 70% of U.S. businesses and 54% of Canadian businesses already leveraging AI in their operations. As the short-term rental industry embraces digital transformation, this partnership sets a new benchmark for efficiency and accuracy in financial management.

Both ReInvestWealth and Hostaway share a commitment to innovation and were incubated at the prestigious DMZ, a globally recognized accelerator for high-growth tech startups. Their aligned vision makes this partnership a natural fit, delivering cutting-edge automation to property managers across North America.

ReInvestWealth’s AI-powered bookkeeping integration is now available to Hostaway users across the U.S. and Canada.