US-based food-ordering marketplace Grubhub has signed an agreement to acquire campus food ordering platform Tapingo for approximately $150m.
As part of the deal, Tapingo’s network will be integrated with Grubhub’s restaurant marketplace and delivery platform to help students and campus restaurants.
The transaction is currently subject to standard closing conditions and will conclude in the fourth quarter of this year.
Grubhub founder and chief executive officer Matt Maloney said: “We are excited to add Tapingo, a company that shares our vision of bringing greater convenience to diners and improving the restaurant ordering and pickup experience through technology.
“We value the college student population, many of whom we hope become lifelong Grubhub diners with their first order.
“Tapingo makes students’ lives easier, allows merchants to efficiently capitalise on online ordering, and enables colleges and universities to give students the technology they’ve come to expect.”
Based in California, Tapingo offers food delivery services to more than 500,000 diners at on-campus cafes, restaurants, and cashier-less stores.
The company’s technology platform will directly integrate with college meal plans and point-of-sale (POS) systems to provide order-taking and accurate delivery.
Tapingo also streamlines operations as well as increases in-store efficiency for campus restaurant partners such as Taco Bell, Chipotle, Chick-fil-A, Panda Express and Jamba Juice and has partnerships with major food service and catering firms such as Aramark and Sodexo.
Kirkland & Ellis and Fischer Behar Chen Well Orion acted as legal counsel to Grubhub while Herzog, Fox & Neeman and Silicon Legal Strategy acted as legal counsel and JMP Securities as a financial adviser to Tapingo related to the transaction.