Velocity Mobile, a London-based restaurant mobile payment company, has acquired Cover, a mobile payments app accepted at over 350 restaurants in NYC, San Francisco, and Los Angeles.
Velocity said that the transaction is part of its strategy to connect premier venues with the global tastemakers and biggest hospitality spenders.
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Commenting on the deal, Velocity co-founder and co-CEO Alex Macdonald said: "We are delighted to have completed the acquisition of Cover, the first major step in accelerating our international roll-out.
"With the acquisition, we are excited to bring our suite of loyalty, CRM, and analytics tools to restaurateurs in the US, enabling them to identify, attract, and retain high value, trend-setting customers."
As part of the deal, employees at Cover will join the Velocity team across multiple disciplines, and Velocity will invest in the Cover mobile apps and payment infrastructure.
The acquisition will also see Cover co-founder Mark Egerman joining Velocity as executive vice president, payments, while the other co-founder Andrew Cove will join Velocity advisory board.
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By GlobalDataVelocity said that it may acquire more firms as it plans to expand its global footprint in the world’s premier hospitality cities.
