GrubHub Inc (GRUB) to Buy Food Ordering Service Foodler

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GrubHub Inc (NYSE:GRUB) announced that it has agreed to terms with Foodler to acquire the company.

GrubHub Inc (GRUB)The exact terms of the deal have not been disclosed by either party, but it is believed to be an all-cash acquisition that will bolster GrubHub’s already-stacked portfolio of eateries it can connect you with online.

The move is part of an ongoing effort to expand by GrubHub, marking its third acquisition of 2017. It will also increase the number of restaurants it has on its site and app to 55,000 around the globe.

This figure is in addition to the 8.8 million diners that are partners with the restaurant app.

Foodler is based out of Boston and it has been around since 2004. The company has an annualized gross north of $80 million in addition to half a million active users.

“We’re thrilled to bring Foodler’s scale and its established diner base in the Northeast to Grubhub,” said Matt Maloney, Grubhub CEO, in a release. “Its addition will enhance the Grubhub marketplace – particularly in Foodler’s hometown market of Boston – allowing us to connect our diners with an even broader range of top-rated, popular local restaurants.”

Grubhub operates across more than 1,100 cities in the U.S. Christian Dumontet, Foodler CEO, expressed satisfaction over the move as it will enhance the portfolios of both names.

GRUB shares fell 0.1% Thursday on the news.


Article printed from InvestorPlace Media, https://investorplace.com/2017/06/grubhub-inc-grub-foodler/.

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