Uber (UBER.US) plans to acquire ezCater for $2.3 billions in cash to expand corporate catering services
Uber (UBER.US) will acquire food service company ezCater Inc. for $2.3 billion in cash, a move that will help the Uber Eats delivery platform reach more corporate clients.
According to Golden Ten Data, Uber (UBER.US) will acquire catering services company ezCater Inc. for $2.3 billion in cash, a move that will help the Uber Eats delivery platform reach more corporate clients.
ezCater, headquartered in Boston, provides a catering services platform through which companies can arrange catering for events, meetings, and other gatherings. Uber stated in a release on Tuesday that, in the past 12 months, the private company’s total bookings exceeded $2.5 billion and it has partnered with more than 140,000 restaurants across the United States. ezCater customers spend, on average, more than $400 per order.
This acquisition will help Uber better compete with DoorDash (DASH.US), which is the leading food delivery platform in the United States. DoorDash launched its catering products for corporate employees in April this year.
Uber said the transaction to acquire ezCater is expected to be completed within the next few months.
At the time of writing, Uber shares are up nearly 1% in pre-market trading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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