Acquisition includes Tab Payments reservation technology, which will be incorporated into the Velocity platform.
Tab Payments’ acquisition further strengthens Velocity’s reach in North America, which last month took a leap into the US with the acquisition of Cover, another restaurant mobile payments app. The acquisition of Tab Payments brings more than 100 restaurants in Montreal and Toronto on to the company’s client lists, which boasts of around 350 in the US and about 300 in Europe.
Tab Payments’ restaurants will have the option to upgrade to Velocity’s fully POS integrated payment and loyalty platform, which comes with a dashboard and customer relationship management (CRM) tools.
In conjunction with the Tab Payments transaction, Adam Epstein, Tab Payments Co-Founder, will lead Velocity’s Toronto and Montreal operations. Mike Kimel, Co-Founder, Tab Payments and owner of the Chase Restaurant Group, will join the Velocity advisory board.
“We’re committed to build an international hospitality platform,” said Alex Macdonald, Co-Founder and Co-CEO, Velocity.
“With the acquisition of Tab, we strengthen our global leadership position with reservations technology and 100 premier restaurants in Canada.”
Coinciding with the acquisition of Cover, Velocity Mobile, raised $4 million from investors, following hot on the heels of a $12 million round of funding less than four months ago.
