Online food delivery service Just Eat has purchased UK-based hospitality software developer Flyt in a £22m ($28.8m) all-cash deal that will involve media and entertainment group Time Out exiting.
Formerly known as Flypay, Flyt initially launched as a mobile app that enabled diners to pay for their bill directly at the table.
The company has since expanded its software to manage restaurant processes such as orders, deliveries, table management, voucher redemptions and payments, working with more than 3,000 branded restaurants including KFC, Tim Hortons, Pizza Express and Nando’s.
Time Out led Flyt’s $10.7m series A round in 2015, before Just Eat invested $4.5m in 2016 in return for an 8% stake. Time Out said it has secured a $12.6m in return from the transition, representing a $5.9m profit.
Flyt had previously received a $1.6m investment in 2014 from venture capital firm Entrée Capital, which has also exited through the acquisition.
Julio Bruno, CEO of Time Out Group, said: “We would like to thank Flyt founders Tom Weaver and Chris Evans and the wider team for their excellent work in developing their business during the last three years.
“Just Eat’s investment announced today proves that this is a success story and we are proud to have been part of it. We wish them all the very best as they take the business forward to the next phase of growth in partnership with Just Eat.”