European online food delivery Takeaway.com NV has signed an agreement to acquire 10bis.co.il, an Israeli online food marketplace, for around 135 million euros ($157.5 million) in cash from TA Associates. The Dutch company is paying ten times the value of the Tel Aviv-based company’s revenue.
Founded in 2000, by Tamir Carmel, 10bis provides employee meal benefits plans to corporations. The Israeli company’s technology allows businesses to replace their canteens with not only a delivery service but also with local restaurants. It serves thousands of corporations, representing hundreds of thousands of employees.
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10bis is a local B2B leader which has a B2C offering under development but growing rapidly.
In 2017, the 10bis processed 15.2 million orders, worth more than €140 million in gross merchandise value, resulting in a revenue of €13.2 million and an adjusted EBITDA1 of €5.7 million.
Takeaway.com, which is traded on the Amsterdam Stock Exchange, says it will take out a 150 million euros bridge loan to finance the deal that will strengthen its tech leadership in food delivery.