Foodics acquires cloud tech POSRocket amid further international expansion

Saudi restaurant technology services provider Foodics has acquired point-of-sale software maker POSRocket in a bid to further expand outside of the Kingdom.

The move is seen to put Foodics as the “dominant restaurant-tech provider in MENA,” the Saudi company said in a press release, as it aims to be the market leader in Egypt, Oman, and Jordan.

The value of the transaction was not disclosed.

“The region has recently witnessed a significant acceleration in the digitization of operations in both the retail and food and beverage sectors due to the pandemic,” Foodics chief Ahmad Al-Zaini said, explaining the rationale of the move.

Jordan-based POSRocket offers a cloud-based POS Software for restaurants and retailers, and the acquisition will allow its merchants to access Foodics’ ecosystem in managing payments, applies, and capital lending infrastructure.

The move marks Foodics’ first acquisition, which it said will “open doors to upcoming merger and acquisition activities,” as part of its international expansion.