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Market Overview

Wix Acquires Miami's Restaurant Ordering And Payment Technology Provider SpeedETab

  • Global SaaS platform Wix.Com Ltd (NASDAQ: WIXannounced the acquisition of Miami’s restaurant ordering and payment technology provider SpeedETab, for undisclosed financial terms.
  • The acquisition is estimated to bolster Wix Restaurants’ abilities towards enhanced online experience for restaurant owners and their online success.
  • Wix Restaurants is an all-in-one professional solution creating both online and mobile presence for the owners. It provides menus, accepts online orders and reservations, and collects payments.
  • The acquisition will enable Wix Restaurants to integrate with multiple industry-leading restaurant POS systems, leading to centralized seamless management of online and offline orders. The centralization will enable owners to handle orders from multiple channels, including websites, online marketplace channels, and delivery partners. All of which will help restaurants increase and rationalize orders and delivery towards richer customer service.
  • Wix cash and cash equivalents stood at $168.8 million as of December 31, 2020.
  • Price action: WIX stock was up 3.18% at $351.33 on the last check Tuesday.

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