Fiserv to Expand Digital Storefront Capabilities with Acquisition of BentoBox

Rhea-AI Summary

Fiserv, Inc. (NASDAQ: FISV) has agreed to acquire BentoBox, a platform enhancing digital marketing and commerce for restaurants. This acquisition aims to advance Clover's omnicommerce strategy, promoting seamless hospitality experiences that blend physical and digital dining. With over 7,500 restaurant concepts leveraging BentoBox's capabilities, the integration is expected to enhance operational efficiencies and drive revenue growth. Financial terms are undisclosed, with the deal anticipated to close in Q4 2021, pending customary approvals.

Positive

• Expansion of Clover's dining solutions through acquisition of BentoBox.
• Enhancement of operational efficiencies for restaurants via integrated solutions.
• Potential for increased revenue streams for clients through improved customer engagement.

Negative

• Financial terms of the transaction are undisclosed, creating uncertainty.
• Integration challenges may arise post-acquisition affecting operational performance.

Combination accelerates Clover omnicommerce strategy, enabling seamless hospitality experiences across physical and digital dining

BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced that it has signed a definitive agreement to acquire BentoBox, a digital marketing and commerce platform provider that delivers a frictionless diner experience dedicated to accelerating growth and helping restaurants seamlessly connect with their guests. This transaction expands the company’s Clover^® dining solutions and industry-leading commerce and business management capabilities, which enable nearly 200,000 restaurants of all sizes to deliver unique and differentiating diner experiences, from quick and casual to full service.

Founded in 2013, BentoBox enables more than 7,500 restaurant concepts across 14,000 locations. Serving as the digital front door for restaurants, BentoBox provides a robust platform that includes website design, online ordering and marketing tools, all built with the goal of driving growth and engagement for restaurants and their diners. By converting visitors into loyal customers, BentoBox helps restaurants generate new revenue streams and create differentiated customer experiences. Combining the BentoBox solution with the end-to-end management platform and omnicommerce capabilities of Clover will drive increased operational efficiencies for restaurants and enable operators to deliver seamless and distinct hospitality experiences for their diners, eliminating friction in the system today.

“Consumers today expect a consistent, seamless experience when engaging with restaurants both in person and online,” said Frank Bisignano, President and Chief Executive Officer of Fiserv. “The addition of BentoBox’s premier website capabilities to the business management solutions of Fiserv will strengthen our omnichannel platform, providing restaurants of all sizes and types with an integrated offering that delivers a customizable consumer experience. We look forward to welcoming the BentoBox team to Fiserv, as we build on our strategy to deliver blended digital and in-person customer experiences across channels that drive deeper engagement and increased loyalty for our clients.”

“Joining Fiserv is a transformational step for BentoBox,” said Krystle Mobayeni, Co-Founder and Chief Executive Officer of BentoBox. “BentoBox is committed to elevating every interaction between restaurants and their guests. Together with Fiserv, we look forward to rapidly growing our omnichannel capabilities with exceptional digital experiences for restaurants and their customers.”

Danny Meyer, founder and CEO of Union Square Hospitality Group commented, "We have been a proud partner of BentoBox since 2015. It has been incredible to watch BentoBox evolve and lead the digital transformation of restaurants. I look forward to seeing BentoBox and Fiserv create world-class technology that helps restaurants continue to innovate, break barriers, and build more personal guest relationships."

The transaction is subject to customary approvals and closing conditions and is expected to close in the fourth quarter of 2021. Financial terms of the transaction were not disclosed.

About BentoBox

The BentoBox marketing and commerce platform delivers a seamless guest experience dedicated to accelerating growth and helping restaurants thrive. Over 7,500 restaurant concepts worldwide rely on BentoBox as their digital front door for elevated design, built-in marketing tools, actionable data, and a best-in-class customer experience that’s built for growth. The platform includes products such as websites, ordering (online ordering, pre-order & catering, gift cards, merchandise, tickets), and events management. Through existing Clover^® from Fiserv integration, BentoBox is successfully connecting the online and on premise for a single, modern restaurant experience.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover^® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500^® Index and the FORTUNE^® 500 and is among the FORTUNE World’s Most Admired Companies^®. Visit fiserv.com and follow on social media for more information and the latest company news.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing of and ability to complete the transactions discussed herein, and the expected impact of the transaction. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may adversely impact the anticipated outcomes include, among others: the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; the outcome of any legal proceedings that may be instituted against the parties or others related to the transaction agreement; conditions to the completion of the transaction may not be satisfied, or the regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; the amount of the costs, fees, expenses and charges related to the transaction may be different than expected; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction may be different than currently planned; and other factors included in “Risk Factors” in the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, Annual Report on Form 10-K for the year ended December 31, 2020, and in other documents that the company files with the SEC, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

FISV-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005614/en/

Media Relations:

Britt Zarling

Corporate Communications

Fiserv, Inc.

+1 414-526-3107

britt.zarling@fiserv.com

Hayley Russman

Corporate Communications

BentoBox

+1 781-248-0165

hayley@getbento.com

Investor Relations:

Shub Mukherjee

Investor Relations

Fiserv, Inc.

+ 1 212-266-3565

shub.mukherjee@fiserv.com

Source: Fiserv, Inc.

FAQ

What is the purpose of Fiserv's acquisition of BentoBox?

The acquisition aims to enhance Clover's omnicommerce strategy by providing integrated digital marketing and commerce solutions for restaurants.

When is the expected closing date for the Fiserv and BentoBox acquisition?

The transaction is expected to close in the fourth quarter of 2021, subject to customary approvals.

How many restaurant concepts utilize BentoBox's platform?

BentoBox serves over 7,500 restaurant concepts across 14,000 locations.

What benefits does Fiserv anticipate from acquiring BentoBox?

Fiserv expects to drive increased operational efficiencies and enhance customer engagement for restaurants through the combined capabilities of both platforms.

What financial information is available regarding the Fiserv and BentoBox deal?

The financial terms of the transaction have not been disclosed.