US-based software and payment company SpotOn has agreed to divest its Sports and Entertainment business to Shift4 and focus on the growth of its restaurant business.

Neither of the companies has disclosed the financial details of the deal.

SpotOn co-founder and co-CEO Zach Hyman said: “The unique structure of this deal enables SpotOn to accelerate product development in support of our restaurant business while ensuring that our Sports and entertainment clients are well supported going forward.

“This move enables us to double down on our Restaurant business, providing the necessary focus, resources and investment to become the best restaurant technology company in the business.”

SpotOn noted that the sale would enable the company to streamline its business and focus on the restaurant industry.

The company claimed that its SpotOn Restaurant is the most widely used platform in the market, giving restaurant operators everything needed to drive profit.

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The company’s software is designed to provide restaurant operators with an intuitive point-of-sale system with solutions for online ordering, reservations and labour management.

In July this year, the Texas Restaurant Association (TRA) appointed SpotOn as its preferred technology partner.

Under the partnership, SpotOn agreed to provide technology to support the growth of nearly 55,000 restaurants in Texas.

The collaboration will equip restaurant operators with the technology needed to increase their profit and manage staff.