DoorDash, the fastest-growing last-mile logistics platform in
the U.S., announced today that it has entered into a definitive
agreement with Square (NYSE: SQ) to acquire Caviar for $410 million
in cash and DoorDash preferred stock. DoorDash’s acquisition of
Caviar creates a highly differentiated company with a unique brand
and wide-ranging selection.
The acquisition underscores both DoorDash and Caviar’s strategic
commitment to merchant selection. The addition of Caviar’s premium
restaurants, with whom DoorDash will work closely to drive their
growth, will enable the combined organization to cater to every
food preference and occasion. Caviar’s complementary geographic
footprint provides DoorDash with a significant number of new and
unique customers, who will benefit from an even broader set of
merchants.
Furthermore, DoorDash will benefit from Caviar’s leading
technology and exceptional team, who are deeply passionate about
the restaurant delivery experience for merchants, couriers and
customers. The Caviar team, including Caviar Lead Gokul Rajaram,
will join DoorDash once the acquisition closes.
The transaction continues to build on the partnership between
DoorDash and Square. DoorDash is currently integrated with Square
for Restaurants point of sale, which streamlines the acceptance of
online and in-person orders for merchants, and in the second
quarter Cash Boost partnered with DoorDash to provide instant
rewards when customers use their Cash Card at DoorDash.
Tony Xu, CEO of DoorDash, said: “Today’s announcement is another
important step forward on our mission to empower local economies.
We have long-admired Caviar, which has a coveted brand, an
exceptional portfolio of premium restaurants and leading
technology. The acquisition further enhances the breadth of our
merchant selection, enabling us to offer customers even more choice
when they order through DoorDash. We look forward to welcoming the
Caviar team to DoorDash and expanding our partnership with Square
in the future.”
Gokul Rajaram, Caviar Lead, said: “Caviar has built a trusted
brand with customers and many of the best restaurants. DoorDash has
national scale, complementary restaurant selection, a tremendous
logistics platform, and a team that shares our passion and
commitment to better serve restaurants, couriers, and customers.
I’m incredibly excited to be joining, with the rest of the Caviar
team, to help build the future of local commerce.”
Jack Dorsey, CEO of Square, said: “We are increasing our focus
on and investment in our two large, growing ecosystems—one for
businesses and one for individuals. This transaction furthers that
effort, and we believe partnering with DoorDash provides valuable
and strategic opportunities for Square.”
The transaction is subject to certain closing conditions,
including regulatory approvals, and is expected to close in
2019.
About DoorDash
DoorDash is a technology platform that connects customers with
their favorite local and national businesses in over 4,000 cities
and all 50 states across the United States and Canada. Founded in
2013 by Stanford students Tony Xu, Andy Fang, and Stanley Tang, the
company currently reaches 80 percent of U.S. households and has the
widest selection of restaurants in the U.S. DoorDash empowers
merchants to grow their businesses by offering on-demand delivery,
data-driven insights, and better in-store efficiency, providing
delightful experiences from door to door. By building the last-mile
delivery infrastructure for local cities, DoorDash is bringing
communities closer, one doorstep at a time. Read more on the
DoorDash blog or at www.doordash.com.
About Caviar
Caviar is an all-in-one food ordering platform that connects
diners with the most crave-worthy restaurants, via convenient
delivery, pickup, or catering. Caviar, part of Square’s suite of
services for businesses, partners with thousands of restaurants in
hundreds of cities across the U.S., to grow their sales and bring
them new customers. Caviar also provides economic empowerment and
flexible earning opportunities for couriers, including being the
first company in the industry to offer an occupational accident
insurance policy that protects all couriers when they’re delivering
on the Caviar platform at no cost to them. Caviar was founded in
2012 and acquired by Square in 2014 – to learn more, visit
trycaviar.com.
About Square
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with
Square Reader, making it possible for anyone to accept card
payments using a smartphone or tablet. Today, we build tools to
empower businesses and individuals to participate in the economy.
Sellers use Square to reach buyers online and in-person, manage
their business, and access financing. Restaurants use Caviar to
offer diners delivery, group ordering, catering, and pickup. And
individuals use Cash App to spend, send, and store money. Square
has offices in the United States, Canada, Japan, Australia,
Ireland, and the UK.
SQUARE SAFE HARBOR STATEMENT
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding the proposed acquisition of
Caviar from Square (the Company), the Company’s intentions of
reinvesting in its ecosystem, and general business outlook. Such
statements are subject to a number of known and unknown risks,
uncertainties, assumptions, and other factors that may cause the
Company’s actual results, performance or achievements to differ
materially from results expressed or implied in this press release.
Investors are cautioned not to place undue reliance on these
statements. Actual results could differ materially from those
expressed or implied, and reported results should not be considered
as an indication of future performance.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, the possibility
that the transaction will not close or that the closing may be
delayed; the ability to secure required regulatory approvals or
otherwise satisfy other closing conditions in a timely manner, or
at all; the proposed transaction may not advance the parties’
business strategies; the ability of DoorDash to retain the
customers, merchants and couriers of Caviar; the ability to realize
the expected benefits from the transaction in the expected time
period, or at all; disruptions from the transaction on ongoing
operations; potentially incurring significant transaction costs;
and unknown, underestimated, or undisclosed commitments or
liabilities, as well as other risks and uncertainties relating to
the Company listed or described from time to time in the Company’s
filings with the Securities and Exchange Commission (the SEC),
including the Company’s most recent Quarterly Report on Form 10-Q,
which is on file with the SEC and available on the investor
relations page of the Company’s website. All forward-looking
statements are based on information and estimates available to the
Company at the time of this press release and are not guarantees of
future performance. Except as required by law, the Company assumes
no obligation to update any of the statements in this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190801005870/en/
DoorDash media inquiries press@doordash.com
Square / Caviar media inquiries press@squareup.com
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