Takeaway.com, an online food delivery marketplace in Continental Europe, is to acquire 10bis in Tel Aviv from TA Associates and its founder Tamir Carmel for a cash consideration of approximately EUR135 million.
The Transaction strengthens Takeaway.com’s tech leadership in food delivery.
Founded in 2000, 10bis (the “Business”) operates a leading online food marketplace that provides employee meal benefits plans to corporations. Its unique technology allows businesses to replace their canteens with not only a delivery service, but also with local restaurants. 10bis serves thousands of corporations, representing hundreds of thousands of employees. While Takeaway.com is predominantly a B2C brand, 95 per cent of 10bis orders are B2B orders. In addition, 10bis is the local market leader in B2C offering, which is underdeveloped but growing rapidly. In 2017, the Business processed 15.2 million orders, worth more than EUR140 million in gross merchandise value, resulting in a revenue of EUR13.2 million and an adjusted EBITDA of EUR5.7 million.
Tamir Carmel, founder of 10bis, says: “I am proud of the excellent team we have at 10bis, who built the business with professionalism and determination over the past 18 years. The recognition of 10bis as one of the strongest and most loved brands in Israel, propels us to continue to serve our customers in the best way.”
Joerg Gerbig, COO of Takeaway.com, says: “10bis has built a very attractive and one of the few highly profitable online food marketplaces globally. With this transformative deal, we will be able to add a B2B offering to our already highly compelling B2C and Scoober proposition throughout all our markets. We are excited to welcome the 10bis team at Takeaway.com.”
Management believes that the combination of the highly complementary 10bis technology with Takeaway.com’s single platform and 11.5 million European consumers offers an appealing added upside to the combined businesses, which will lead to a higher order frequency of existing consumers. The ‘One Company, One Brand and One IT-platform’ approach will ensure that Takeaway.com can provide not only its core marketplace business at full strength throughout its territory, but also highly accretive services, like the restaurant delivery service Scoober, and now B2B.
Takeaway.com’s strategy is to acquire businesses which are either the market leader, or businesses which have a chance of becoming the market leader. Management believes that only market leaders of significant size will offer attractive returns. 10bis is one of the few highly profitable online food marketplaces globally, with an adjusted EBITDA margin of 43 per cent in 2017. Takeaway.com, with its 18 years of experience in B2C, will increase marketing investments and will roll out Scoober in the B2C and B2B market locally.
