TouchBistro acquired by subsidiary of Constellation Software

Harris Computer reportedly paid $100 million for the Toronto restaurant tech firm. The post TouchBistro acquired by subsidiary of Constellation Software first appeared on BetaKit .

TouchBistro , which sells point-of-sale (POS) technology to restaurants, has been acquired by fellow Canadian firm Harris Computer , a subsidiary of Constellation Software . The news: TouchBistro had raised hundreds of millions worth of venture capital (VC) funding and debt from big-name investors to bring its POS and restaurant management software and hardware to market. Ottawa’s Harris quietly announced its purchase of the Toronto company on July 7.

While the financial terms were not disclosed, The Globe and Mail reported that Harris paid $100 million for TouchBistro, marking a “significant capital loss” for investors and leaving employees with essentially nothing for their common shares. From the

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source: Former TouchBistro chair and CEO Samir Zabaneh wrote in Harris’ blog post that the acquisition gives TouchBistro “the scale, long-term support, and expertise” needed to “reach new heights.” Following the thread: Founded in 2011, TouchBistro faced stiff competition from US-based market leader Toast. It also faced challenges stemming from the COVID-19 pandemic, a pullback in VC funding amid rising interest rates, and fears of an AI-driven SaaSpocalypse . According to The Globe and Mail , during Zabaneh’s tenure, TouchBistro cut spending and staff, saw its revenue growth slow, and dropped from 23,000 to 16,000 restaurants. The company also rebuffed takeover enquiries that valued the business at hundreds of millions of dollars, ahead of a major recap by lender Francisco Partners last year, The Globe and Mail reports. The Globe also reported that TouchBistro had previously raised...

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