DoorDash signs final agreement to acquire Caviar, Square's food ordering platform

SAN FRANCISCO Aug. 1, 2019 / PRNewswire / – DoorDash, the fastest growing logistics platform for the last mile in the United States, today announced that it has entered into a final agreement with Square (NYSE: SQ) to acquire Caviar for $ 410 million in cash and DoorDash preferred shares. DoorDash's acquisition of Caviar creates a highly differentiated company with a unique brand and a wide selection.

The acquisition underlines both DoorDash and Caviar's strategic commitment to vendor selection. The addition of Caviar & # 39; s premium restaurants, which DoorDash will work closely to drive their growth, will allow the combined organization to accommodate any food preference and occasion. Caviar's complementary geographic footprint provides DoorDash with a significant number of new and unique customers, who will benefit from an even wider set of merchants.

Furthermore, DoorDash will benefit from Caviar's leading technology and exceptional team, who are very passionate about the restaurant delivery experience for merchants, bids and customers. The Caviar team, including Caviar Lead Gokul Rajaram, will join DoorDash when the acquisition closes.

The transaction continues to build on the partnership between DoorDash and Square. DoorDash is currently integrated with Square for Restaurant's point of sale, which streamlines acceptance of online and personal orders for sellers, and in the second quarter, Cash Boost has partnered with DoorDash to provide immediate rewards when customers use their credit card on DoorDash. [1[ads1]9659002] Tony Xu CEO of DoorDash, said: "Today's announcement is another important step forward for our mission to strengthen local economies. We have long admired Caviar, which has a coveted brand, an exceptional portfolio of top-notch restaurants and leading technology. The acquisition enhances the breadth of our vendor selection, enabling us to offer customers even more choices when ordering through DoorDash. We look forward to welcoming the Caviar team to DoorDash and expanding its collaboration with Square in the future. "

Gokul Rajaram Caviar Lead, said: "Caviar has built a reliable brand with customers and many of the best restaurants. DoorDa sh has a national scale, complementary restaurant selection, a huge logistics platform and a team sharing our passion and dedication to serving restaurants, couriers and customers better. I am incredibly excited to be with the rest of the Caviar team to contribute 10 l to build the future of local trade. "

Jack Dorsey CEO of Square, said:" We are increasing our focus on and investing in our two large, growing ecosystems – one for businesses and one for individuals. This transaction strengthens this effort, and we believe that collaboration with DoorDash provides valuable and strategic opportunities for Square. "

The transaction is subject to certain closing conditions, including government approvals, and is expected to close in 2019.

About DoorDash
DoorDash is a technology platform that connects customers with their favorite local and national businesses in over 4,000 cities and all 50 states over United States and Canada . 2013 by Stanford students Tony Xu Andy Fang and Stanley The Tang company currently reaches 80 percent of American households and has the widest selection of restaurants in the United States. DoorDash allows sellers to expand their business by offering on-demand delivery, computer-driven insights and better store efficiencies, and providing amazing experiences DoorDash By building delivery infrastructure to the last mile for local cities, DoorDash brings communities close by, one doorstep at a time. the blog or at www.doordash.com.

About Caviar
Caviar is an all-in-one food ordering platform that connects dining with the most worthy restaurants, through convenient delivery, pickup or catering. Caviar, part of Squares business services package, is partnering with thousands of restaurants in hundreds of cities across the United States to drive sales and bring new customers. Caviar also provides financial authority and flexible earning opportunities for couriers, including being the first company in the industry to offer occupational accident insurance that protects all couriers when they deliver on the Caviar platform at no cost to them. Caviar was founded in 2012 and purchased by Square in 2014 – to learn more, visit trycaviar.com.

About Square
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with Square Reader, and made it possible for anyone to accept card payments using a smartphone or tablet. Today, we build tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in person, manage their business and access funding. The restaurants use Caviar to offer dining delivery, group booking, catering and pickup. And individuals use the Cash App to spend, send and save money. Square has offices in United States Canada Japan Australia Ireland and the United Kingdom.

SQUARE SAFE HARBOR STATEMENT

This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Disputes Act of 1995. All statements other than statements of historical fact may be considered forward-looking, including, but not limited to, statements the proposed acquisition of Caviar from Square (the company), the company's intentions to reinvest in its ecosystem and general business prospects. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual results, results or performance to differ materially from those expressed or implied in this press release. Investors are warned not to place undue reliance on these statements. Actual results may differ materially from those expressed or implied, and reported results should not be considered as an indication of future performance.

Risks that contribute to the uncertainty of forward-looking statements include the possibility that the transaction will not close or that the closing may be delayed; the ability to secure required regulatory approvals or otherwise satisfy other closing conditions in a timely manner, or at all; the proposed transaction cannot promote the parties' business strategies; the ability of DoorDash to retain Caviar's customers, merchants and couriers; the ability to realize the expected benefits of the transaction over the expected time period, or at all; disruptions from the transaction on ongoing operations; potentially incur significant transaction costs; and unknown, undervalued or undisclosed obligations or obligations, as well as other risks and uncertainties associated with the Company listed or described from time to time in the Company's filing with the Securities and Exchange Commission (SEC), including the Company's latest Quarterly Report on Form 10-Q , which is stored in the SEC and available on the investor relations page of the company's website. All forward-looking statements are based on information and estimates available to the Company at the time of this press release and are not guarantees of future performance. With the exception of the law, the company does not require any obligation to update any of the statements in this press release.

SOURCE DoorDash

Related Links

https://www.doordash.com