Velocity Mobile, a London-based restaurant mobile payment company, has acquired Tab Payments, a mobile payments app accepted at over 100 restaurants in Toronto and Montreal.
As part of the deal, Tab Payments’ reservation technology will be integrated into Velocity platform and will provide partner restaurants with direct access to Velocity’s global diners.
Through this deal, Tab Payments restaurants can upgrade to Velocity’s POS integrated payment and loyalty platform, which comprises a dashboard and customer relationship management (CRM) tools.
The financial terms of the deal have not been disclosed.
The acquisition will see Tab’s co-founder, Adam Epstein managing Velocity’s Toronto and Montreal operations, while co-founder Mike Kimel will join Velocity’s advisory board.
Velocity said that the transaction is part of its strategy to develop a vertically integrated stack of hospitality capabilities to enhance the dining experience and connect restaurants with global tastemakers and top hospitality spenders.
Velocity co-founder and co-CEO Alex Macdonald said: "With the acquisition of Tab, we strengthen our global leadership position with reservations technology and 100 premier restaurants in Canada."
Kimel said: "Combining forces gives us an opportunity to take our mobile hospitality services to the next level with international reach."