The rate at which technology is evolving the foodservice industry is enough to make your head spin, and Yum! Brands is the latest player to get in on the action. The restaurant group that owns the likes of KFC, Taco Bell, and Pizza Hut announced recently that it had bought Tictuk, an Israel-based company that allows customers to order food while on social media and messaging apps. Yum! Brands did not disclose financial details.
“We’re excited about the opportunity Tictuk presents, as their solution delivers high impact by enabling our brands to achieve a truly omnichannel presence and provide frictionless ordering for customers in just a few clicks,” CFO Chris Turner said in a statement to CNBC.
Yum! Brands has said that Tictuk will continue to work with existing third-party clients, according to the same article from CNBC. And although financial details were not elaborated on, Yum! expects that the deal will be done all-cash and will have strong impacts on its 2021 financial results.
The company already uses Tictuk’s ordering platform across more than 900 KFC, Pizza Hut, and Taco Bell locations throughout 35 international markets. The technology allows consumers to order food through WhatsApp, Facebook Messenger, Telegram, or via SMS, QR codes, and email. Clay Johnson, Yum’s Chief Digital and Technology Officer elaborated on the innovation, telling the news source that it could be implemented to other restaurants within a matter of days.
This is the second acquisition for Yum! Brands within the past few months, having also bought Kvantum, a program that uses artificial intelligence for consumer insights and marketing performance analytics. This follows a record year for digital sales for Yum! Brands as in 2020 it hit $17 billion, up 45 percent from the year before.
How will this acquisition continue to bolster Yum! Brands’ position in the foodservice market? Deli Market News will bring you the answers.