Olo Announces Plans of Acquiring Software Solution Platform Wisely for $187 Million
Tech platform Olo has announced that it will acquire software solution company, Wisely for around $187 million. This will be the company’s first acquisition since it went public and the deal is expected to close by the end of the fourth quarter of 2021.
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How will Olo’s customers benefit from this acquisition?
Wisely is one of the most popular customer intelligence platforms. It is loaded with a bunch of tools that allow restaurants to offer personalized guest experiences via customer data.
Olo CEO, Noah Glass said that Wisely provides a range of core capabilities that will be available to Olo customers once the deal is through. Some of these functions include front of a house solution, Host, marketing, and CRM solution with email marketing capabilities, and a customer sentiment feature that allows operators to evaluate guest feedback from internal and external sources such as Yelp and Google.
Wisely will basically allow Olo users to combine these elements and create user profiles. These user profiles will provide restaurants with a clear picture of what is expected of them to create a wholesome experience for their customers.
Besides, this acquisition will also enable Olo operators to streamline their digital capabilities in one place. Noah Glass also said that it is critical for restaurants to determine how their customers engage with their brand across different channels. This allows them to create a tailored experience for their customers.
Olo will acquire Wisely for $77 million in cash and $110 million in the company’s Class A common stock.
Olo’s future plans
This is Olo’s first acquisition after its IPO in March and Glass said that it might not be their last. He said that there are no current plans, mergers, and acquisitions (M&A) activities that cannot be ruled out.
He also said that the entire IPO process provided them with an opportunity to add extra capital to their balance sheet. He said that they now have access to assets that they did not as a private company.
Some of the other notable restaurant tech firms that have acquired other platforms include Toast, SpotOn, Restaurant365, and Reef.
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