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Nexi Acquires Orderbird for $140-150M to Boost SMB Strategy and Expand into Hospitality Industry

Benjamin leo July 10, 2023

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milanbased nexi berlinbased orderbird 140mlundentechcrunch

Nexi, an Italian fintech company, has acquired Orderbird, a German startup that provides point-of-sale products and services for businesses in the hospitality industry.

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The acquisition is part of Nexi’s strategy to expand its financial services for small and medium-sized businesses (SMBs) in Europe. While the terms of the deal have not been disclosed, sources confirm that the all-cash acquisition values Orderbird between €130 million and €140 million ($140 million – $150 million).

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Orderbird will continue to operate under its own brand and will become an integral part of Nexi’s push into the SMB segment. The current management team, including CEO Mark Schoen and CSO/founder Jakob Schreyer, will remain with the company after the transaction.

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Orderbird had previously received investments from various sources, including Digital+ Partners, Metro Group, and Nets/Concardis. The company had raised around $55 million before the acquisition.

milanbased nexi orderbird 140mlundentechcrunch

It had also been considering other acquisition offers and investment options, including an offer from U.S.-based restaurant point-of-sale company Toast. However, it ultimately chose to pursue an exit through the acquisition with Nexi.

milanbased nexi berlinbased orderbird 130m

The acquisition of Orderbird by Nexi signifies a new chapter for companies in the payments industry, following the challenges faced during the COVID-19 pandemic. Lockdowns and changing consumer behavior significantly impacted businesses in the hospitality sector, and Orderbird had to adapt its services to meet the shifting market demands.

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Despite the challenges, the company achieved a 35% growth in annual recurring revenue (ARR) and turned profitable by streamlining its operations.

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With the acquisition, Nexi aims to expand its presence in the integrated software market and offer enhanced solutions to hospitality clients. The company plans to support European businesses in their digital payment transformation and improve the customer experience through Orderbird’s hospitality-focused software-as-a-service (SaaS) platform.

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The acquisition of Orderbird will provide Nexi with the opportunity to strengthen its SMB strategy and potentially expand into banking and credit services alongside its point-of-sale solutions. The deal marks a significant step for both companies and will shape their future in the evolving European payments landscape.