Dive Brief:
- Toast has acquired Delphi Display Systems, a company producing digital display and drive-thru technology designed for QSRs, the point-of-sales company said Thursday. Terms and timing of the acquisition were not disclosed.
- Delphi’s products, including customized digital signage hardware, software and service solutions, have been installed at over 35,000 locations across 70 countries according to its LinkedIn page.
- Toast continues to expand its product offerings via acquisitions. In 2022 it bought Sling, an employee scheduling and communications platform. In 2021, it acquired xtraChef, a back-office technology solution.
Dive Insight:
Outside of acquisitions, Toast has been expanding partnerships and products. Earlier in February, Toast partnered with Google to integrate its POS system with Order with Google, giving restaurants an additional digital channel. Order with Google uses the same menus, hours and quote times as Toast Online Ordering. In September, Uber Eats partnered with Toast and Clover to allow restaurants to more easily join Uber Eats via these POS providers. In 2021, the company added products including a dashboard for restaurants to view data from Toast and third-party channels.
Delphi’s technology has the potential to reach over 400,000 QSRs and fast casual restaurants in the U.S. and will help it grow its product suite for QSRs and enterprise brands, Toast said. Its products for QSRs target improvements to speed of service, faster workflows for ordering and back-of-house.
Toast ended its first full year as a public company with revenue at $2.7 billion, up 60% year-over-year, according to an earnings release. While gross profit was up 62% to $511 million, its EBITDA remained negative at $115 million compared to negative $42 million in 2021. The company expects to improve its EBITDA to between negative $30 million and negative $10 million for fiscal year 2023.
