Chicago-based mobile food-ordering service GrubHub acquired Boston-based mobile payment platform, LevelUp for $390 million in an all-cash deal.
This acquisition will enable Grubhub LevelUp's point-of-sale integration, CRM and analytical tools to its network of restaurants. Additionally, big restaurant chains including KFC, Taco Bell, Bareburger, and Roti will be integrated within the Grubhub marketplace.
This was a part of GrubHub's second-quarter earnings announcement. For Q2 ending in June 2018, the company posted profits of $30.1 million, a 104% year-over-year increase from $14.8 million. The company's revenues totaled $240 million, a 51% year-over-year increase from $159 million in the second quarter of 2017.
LevelUp marks GrubHub's second acquisition in Boston after it acquired food delivery service Foodler in June last year. The seven-year-old company's latest round (Series E) was for $50 million, funded through a combination of debt and equity led by JP Morgan Chase in May 2017. US Boston Capital and CentroCredit Bank also participated in the round.
