Olo has struck a deal to acquire Omnivore Technologies Inc.
Omnivore connects restaurants’ POS, systems with technologies that improve efficiency and increase profitability. Through the acquisition, restaurant brands will gain access to additional POS integration capabilities, new on-premise and payment features, and an expanded technology partner network.
The acquisition will broaden Olo’s platform capabilities and allow restaurants to connect to apps and technologies that streamline operations, improve efficiency, enhance guest experience, and increase profitability. The transaction is expected to close in Q1 22 and is subject to the satisfaction of customary closing conditions.
This news comes four months after Olo's deal to buy Wisely, the customer engagement and intelligence platform.
A New Payment Solution
In other news, Olo introduces Olo Pay, a fully-integrated payment platform. The restaurant-centric payment platform offers frictionless checkout for consumers and addresses challenges restaurants face in accepting payments.
“We needed a restaurant-specific solution that would be easy to use, streamline our tech stack, reduce fraud, and, most importantly, enable our team to focus on our food and the guest experience,” said Adam Kinsinger, Director of Information Technology at WaBa Grill. “We found that in Olo Pay.”
Olo will also introduce borderless payments capabilities this year, allowing consumers to securely speed through checkout at any participating restaurant within the Olo Pay network with a single click—no account creation, password management, or manual credit card entry required. By giving consumers the power to save and access their payment information on file, restaurants will see an increase in basket conversion, retention, visit frequency, and spend.
“Olo Pay is a significant unlock for our direct digital program on many fronts,” said Corey Kline, Executive Vice President of Technology at Noodles & Company. “We are particularly excited about a borderless payments network in driving a frictionless checkout experience for our guests.”
Olo Pay helps restaurants drive sales, reduce fraud, and simplify day-to-day payment processes. The fully-integrated payment stack goes beyond the core credit card processing functionality and adds new capabilities that improve both the merchant and consumer experiences.
With Olo Pay, restaurants can simplify the ordering process for consumers by offering mobile wallet support and allowing credit cards on-file to be used at any of a brand’s participating locations. Olo Pay's advanced fraud prevention improves authorization rates for valid transactions and uses risk-score-based screenings to reject suspect transactions.