Saudi’s Foodics acquires rival to cement MENA cloud restaurant status – ArabianBusiness

Saudi’s Foodics acquires rival to cement MENA cloud restaurant status – ArabianBusiness

Saudi-based Foodics has announced its first acquisition, with the takeover of POSRocket, the second largest restaurant cloud technology provider in the Middle East and North Africa.

Foodics said the acquisition will enable it to consolidate the market as well as take a market leadership position in Egypt, Kuwait, Oman and Jordan on top of the dominant position it already has in the rest of the Gulf region.

It added in a statement that the deal also opens the door to further upcoming M&A activities and international expansion.

Since its inception in 2014, Foodics has processed over $5 billion worth of orders through its platform and is targeting 150,000 terminals by the end of 2024.

Founded in 2016 in Jordan, POSRocket offers cloud-based POS software for restaurants and retailers, allowing owners to remotely manage operations in real-time.

Ahmad Al-Zaini, Foodics CEO and co-founder, said: “We are delighted to welcome the POSRocket astronaut team, its clients and partners to the Foodics family and look forward to growing together for the benefit of the wider ecosystem. Our acquisition of the fast-growing and second-largest restaurant Cloud technology provider in the region is very