Human resources service operator Recruit agreed today to acquire Germany-based restaurant reservation service Quandoo for ¥26.5bn ($220m).
Quandoo operates a real-time restaurant reservation platform that is being used by more than 6,000 restaurants across 13 countries. Research conducted by the company indicates that only 16% of reservations are made online at present, but it expects the market to grow substantially in the coming years.
Recruit invested an undisclosed amount in Quandoo in October 2014 through its investment subsidiary RGIP to take what it has now revealed was a 7.1% share of the company. Quandoo had raised $39.5m across four rounds prior to Recruit’s investment.
Accelerator CRES Columbus Internet Group was Quandoo’s largest shareholder with a 34.8% stake, and will make more than $76m through the acquisition. HV Holtzbrinck Ventures, the venture capital firm backed by publisher Georg von Holtzbrinck, owned a 20.1% stake and will get approximately $44m through its exit.
Other existing shareholders include DN Capital (a $22.3m return), Erich Sixt Vermoegensverwaltung ($20.1m) and Piton Capital ($20m).