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Wix buys Miami’s SpeedETab to boost offering of online presence for restaurants

Deal will complement the Wix Restaurants solution, which lets restaurant owners provide menus, and take orders, reservations, and payments online

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

Israelis wear protective facemasks as they sit in a cafe in Tel Aviv, July 8, 2020. (Miriam Alster/FLASH90)
Israelis wear protective facemasks as they sit in a cafe in Tel Aviv, July 8, 2020. (Miriam Alster/FLASH90)

Wix, an Israeli firm that helps small businesses build and operate websites, said Tuesday it is acquiring Miami-based ordering technology provider SpeedETab to improve its offering for restaurant owners seeking an online presence. Financial details were not disclosed.

The acquisition will complement the Israeli firm’s Wix Restaurants solution, which enables restaurant owners to create an online and mobile presence, provide menus, take online orders and reservations, and receive payments.

SpeedETab, an ordering and payment technology provider for the restaurant industry, provides users with an end-to-end online and mobile ordering solution. Founded in 2013, SpeedETab partners with multiple providers in the restaurant ecosystem to improve the experience for diners and drive revenue growth for restaurant owners. SpeedETab employees will now become Wix team members, Wix said in a statement.

Over the past year, Wix Restaurants’ global user base grew significantly as restaurants needed to quickly move their services online and provide ordering, delivery, and pickup options, the statement said. The Wix Restaurants vertical has continued to evolve to meet these new and increasing demands, the statement added.

Nir Zohar, president and chief operating officer at Wix.com in his Tel Aviv office; Nov. 29, 2017 (Shoshanna Solomon/TimesofIsrael)

In the last two years, Wix Restaurants’ monthly new signups grew from hundreds to tens of thousands. Overall, the number of restaurants selling online grew by 143%, the number of online orders grew by 378% and the gross payments volume grew by 449%.

The SpeedETab acquisition will enable Wix Restaurants to integrate with a variety of restaurant point of sale systems, allowing restaurant owners to manage all online and offline orders in one place. In addition, those owners will be able to easily manage orders from multiple channels in a unified manner, including orders coming from their website, as well as directly connect with online delivery partners, the statement said.

“It’s more vital now than ever for restaurant owners, from small, local, and family-run, to fine dining and multi-locations to optimize their services with a strong, reliable online presence,” said Ronny Elkayam, SVP Strategic Products at Wix. “Wix Restaurants is already the leading industry solution, and now our combined platform will provide a high value product for the new era of the restaurant industry.”

“Since inception, SpeedETab has been focused on empowering restaurants to increase revenue, engage with their customers, and provide a superior guest experience,” said Adam Garfield CEO of SpeedETab. “As part of Wix Restaurants, we look forward to making it easier than ever for any restaurant to have all the digital tools they need to succeed in one place.”

Last month, Wix said it had a “phenomenal year,” with 2020 revenue jumping 30 percent as enterprises turned online to survive amid the coronavirus pandemic social distancing restrictions.

The company, which was set up in 2006 and held an initial public offering of shares on the Nasdaq in 2013, forecast revenues for 2021 to come in at $1,272 million-$1,286 million, a 29%-30% rise on the previous year. The company has a market value of $19 billion.

Wix’s headquarters are in Tel Aviv with offices in Austin, Beersheba, Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo, Tokyo and Vilnius.

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