Wix Acquires SpeedETab to Strengthen Wix Restaurant Capabilities

Rhea-AI Summary

Wix (Nasdaq: WIX) announced the acquisition of Miami-based SpeedETab, enhancing its Wix Restaurants platform. This acquisition aims to streamline online ordering and management for restaurants, integrating with various POS systems. Wix Restaurants experienced significant growth, with a 143% increase in restaurants selling online and a 378% rise in online orders over the past year. The acquisition will provide a comprehensive solution for restaurant owners, allowing seamless order management across multiple channels, thereby supporting their digital transformation in the industry.

Positive

• Acquisition of SpeedETab will enhance Wix Restaurants' functionalities.
• Wix Restaurants experienced a 143% increase in restaurants selling online.
• 378% growth in online orders and 449% increase in GPV over the past year.

Negative

• None.

NEW YORK, March 2, 2021 /PRNewswire/ -- Wix (Nasdaq: WIX), a leading global SaaS platform to create, manage and grow an online presence, today announced the acquisition of Miami-based ordering technology provider SpeedETab. The acquisition will further enhance Wix Restaurants, the solution to create and manage a full-service restaurant platform, by delivering a complete online experience for restaurant owners and ensuring their online success. 

Wix Restaurants is an all-in-one professional solution which allows restaurant owners to create an online and mobile presence, provide menus, take online orders and reservations, and receive payments. Over the past year, Wix Restaurants' global user base grew dramatically as restaurants needed to quickly move their services online and provide ordering, delivery, and pickup options. Wix Restaurants has continued to progress to meet these new and increasing demands. 

In the last two years alone, Wix Restaurants' monthly new sign-ups grew from hundreds to tens of thousands. Overall, the number of restaurants selling online grew by 143%, the number of online orders grew by 378% and the GPV grew by 449%. This propelled growth further establishes Wix Restaurants as the leading professional online solution for restaurants.

The SpeedETab acquisition will enable Wix Restaurants to integrate with various industry-leading restaurant POS systems, allowing restaurant owners to seamlessly manage all online and offline orders in one place. In addition, those owners will be able to easily manage orders from multiple channels in a unified experience, including orders coming from their website, as well as directly connect with several leading online marketplace channels and delivery partners. The solution will help restaurants expand and streamline orders and delivery to better serve customers. 

"It's more vital now than ever for restaurant owners, from small, local, and family-run, to fine dining and multi-locations to optimize their services with a strong, reliable online presence," said Ronny Elkayam, SVP Strategic Products at Wix. "We're excited to bring the online expertise of SpeedETab to join our mission of providing the best online platform for restaurants. Wix Restaurants is already the leading industry solution, and now our combined platform will provide a high value product for the new era of the restaurant industry."

SpeedETab, a leading ordering and payment technology provider for the restaurant industry, provides users with an end-to-end online and mobile ordering solution. Founded in 2013, SpeedETab partners with multiple providers in the restaurant ecosystem to improve the experience for diners and drive revenue growth for restaurant owners. Internally, all SpeedETab employees will become Wix team members.

"We are thrilled to join the Wix Restaurants team and provide an amazing solution for restaurants around the world," said Adam Garfield CEO of SpeedETab. "Since inception, SpeedETab has been focused on empowering restaurants to increase revenue, engage with their customers, and provide a superior guest experience. As part of Wix Restaurants, we look forward to making it easier than ever for any restaurant to have all the digital tools they need to succeed in one place."

About Wix.com, Ltd
Wix is leading the way with a cloud-based website development platform for over 200 million registered users worldwide today. The Wix website builder was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and workflow online. The Wix Editor, Wix ADI, Editor X, a curated App Market, Ascend by Wix and Velo by Wix enable users to build and manage a fully integrated and dynamic digital presence. Wix's headquarters are in Tel Aviv with offices in Austin, Be'er Sheva, Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo, Tokyo and Vilnius.  

Learn more at Wix.com in our Press Room and our Investor Relations site
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Media Relations Contact: 
PR@wix.com

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SOURCE Wix.com Ltd.

FAQ

What is the purpose of Wix's acquisition of SpeedETab?

The acquisition aims to enhance Wix Restaurants by integrating SpeedETab's technology for better online ordering and management.

How has Wix Restaurants grown recently?

Wix Restaurants has seen a 143% increase in restaurants selling online and a 378% rise in online orders over the past year.

What impact will the SpeedETab acquisition have on Wix Restaurants?

The acquisition will allow for seamless integration with various POS systems, improving order management for restaurant owners.

When was the acquisition of SpeedETab announced?

The acquisition was announced on March 2, 2021.