Payment software developer SpotOn has agreed to acquire Appetize, a US-based point-of-sale (POS) technology developer backed by corporate investors R/GA, Oak View Group and 32 Equity, for an undisclosed amount.
The announcement was made alongside the disclosure of SpotOn’s $300m series E round and the proceeds of that financing will be used to purchase Appetize.
Founded in 2011, Appetize provides POS software, hardware and services used in entertainment, dining and sports venues to process payment transactions.
Appetize CEO Max Roper will continue to lead the business following the close of the deal. He said: “This acquisition enables our combined team to accelerate investments into our core product and client base, while expanding to fill a void in the mid-market space.”
Appetize has raised over $50m of funding since it was founded in 2011. 32 Equity, a venture capital vehicle for the National Football League’s 32 member franchises, became a shareholder in the business after investing an undisclosed amount in August 2018. Based on the company’s previously announced funding information, the investment may have been about $10m.
Appetize had already picked up $20m in a series B round led by Shamrock Capital and backed by Silicon Valley Bank seven months earlier. Shamrock also led its $20m series A round, in 2016, which included sports business services provider Oak View Group and undisclosed investors.
In 2015, the company raised $20,000 when it participated in the LA Dodgers Accelerator, a programme jointly formed by Los Angeles Dodgers baseball franchise and marketing firm R/GA.