News Briefs

Serko Ltd. announced the appointment of Tarun Phaugat as Vice President of Engineering, effective immediately.

Phaugat has more than two decades of engineering leadership experience within the enterprise and travel technology sectors, most recently serving as engineering lead for the Uber for Business platform, and previously in senior roles at Airbnb, Apple and Microsoft.

As VP of Engineering, Phaugat will spearhead the continuous innovation and modernization of Serko’s platform, a key pillar in Serko’s growth strategy across the SME and Enterprise business travel market.

“At Serko, we are focused on building the most innovative technology platform, both for today’s business travel industry and for the challenges that lie ahead,” said Simon Young, CTO at Serko. “Tarun’s experience in delivering groundbreaking technology solutions is ideal, and we know that he will be a driving force to scale our ongoing innovation efforts, including our Indian Development Hub. We could not be happier to add Tarun to our team.”

In addition to his role as VP of Engineering, Phaugat will also serve as a leader in the strategic and operational growth of Serko’s Development Hub in Bengaluru, and join Serko’s Booking.com for Business Leadership Team.

"Innovation is core to Serko’s technology DNA,” said Phaugat. “From its embrace of automation to creating category leaders with Zeno and Booking.com for Business, Serko’s track record of providing solutions that tackle the most pressing business travel challenges is second to none. The Serko team is renowned for its technology talent, and I cannot wait to work alongside such a stellar team as we build the future of the Serko travel platform.”

This announcement follows Serko’s recent announcement of an accelerated program of innovation with plans to invest US$100 million over the next three years to enhance its platform technology and deliver the next generation of business travel solutions.

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.”  

Paul Macaluso will be joining Torchy’s Tacos as Chief Executive Officer, effective February 24. He succeeds founder Mike Rypka, who will transition into a new role as Chief Innovation Officer.

Macaluso has more than 30 years of experience building respected brands and driving business success across the restaurant industry. Most recently, he served as President and CEO of Another Broken Egg Cafe, a high-growth daytime-only restaurant concept, overseeing significant business and footprint expansion. He also previously held progressive marketing and leadership roles at GoTo Foods (formerly FOCUS Brands), a developer of global multi-channel foodservice brands, including President of McAlister’s Deli, as well as Senior Vice President leading brand marketing strategy for Auntie Anne’s, Carvel, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s.  Macaluso has also served in senior brand and marketing positions at SONIC Drive-In and Burger King Corp.

The Torchy’s Board of Directors commented, “After an in-depth search, we are thrilled to welcome Paul to Torchy’s. His long track record of delivering growth across iconic large-scale and up-and-coming restaurant brands makes him uniquely suited to lead Torchy’s through its next chapter. We are also grateful to Mike for his dedicated leadership over the years and look forward to his continued contributions.”

Dine Brands Global, in partnership with franchisee Ramzi Hakim Group, has opened the first dual-brand Applebee’s | IHOP restaurant in the U.S. The new restaurant opened to the public on February 18,  in Seguin, Texas.

At the dual-branded Applebee’s | IHOP restaurant guests can enjoy all the classics from IHOP’s world-famous pancakes and breakfast offerings to Applebee’s fan-favorite boneless wings, burgers, and appetizers from morning to late-night. The unique menu features beloved items from both brands that can be mixed, matched, and ordered any time of day, including specialty cocktails such as an espresso martini or Irish coffee – all under one roof. This restaurant also introduces new, exclusive menu items, like the Buffalo Chicken Omelette and Ultimate Breakfast Burger, available only at U.S. dual-branded locations.

“For decades, Applebee's and IHOP have been places where friends gather, families celebrate, and careers begin. Now, with our dual-branded restaurant, we are combining the strengths of both brands to create a unique and innovative dining experience that offers choice, variety, and value to guests,” said Dine Brands chief executive officer John Peyton. “Our international success with this concept has shown that our brand menus complement each other, providing something for everyone, from early mornings to late nights. We are excited to bring this new dining option to Seguin and look forward to expanding it to more communities across the country.” At MURTEC 2024, Peyton took to the stage to talk about the success of the dual-branded concept oversees and share why the company had tripled its tech spend.  

When guests walk through the doors of this dual-branded location, they will find two distinct dining areas to choose from—the warm, familiar atmosphere of Applebee’s or the bright, cheerful ambiance of IHOP. The shared common areas, including the host stand and bathrooms, create an integrated experience, and the optimized back-of-house and single kitchen, provide operational efficiencies.

“We’re thrilled to welcome guests and serve the community of Seguin with all the IHOP items they know and love, while also introducing them to Applebee’s selection of lunch and dinner favorites,” said Ramzi Hakim, president of Ramzi Hakim Group. “As owners of both IHOP and Applebee’s restaurants, we are no strangers to these iconic brands and are honored to open the first U.S. dual-branded location in this great community.”

Dine Brands currently franchises 13 international dual-branded locations across Canada, Mexico, Honduras, and the Middle East, as of September 30, 2024. The system is slated to break ground and open 14 more dual-branded locations in the United States through 2026 by transforming existing single-branded restaurants and building new locations from the ground up.