Velocity has acquired Toronto startup Tab Payments.
Velocity now owns Tab’s reservation technology, which will be incorporated into the Velocity platform. Tab has partnered with over 100 premier restaurants in Toronto and Montreal.
“We’re committed to building an international hospitality platform,” said Alex Macdonald, Velocity cofounder. “With the acquisition of Tab, we strengthen our global leadership position with reservations technology and 100 premier restaurants in Canada.”
The acquisition is part of Velocity’s strategy to develop a vertically integrated stack of hospitality capabilities to “heighten the dining experience and connect premier restaurants with the global tastemakers and top hospitality spenders,” according to the UK-born company.
“We will help restaurants give diners a house account experience anywhere they go,” said Zia Yusuf, Velocity Co-CEO. “Global spenders seek sought-after tables when they travel, and restaurateurs want to know more about their guests. Our international hospitality platform connects these two constituencies.”
Tab Payments restaurants will now have the option to upgrade to Velocity’s fully POS integrated payment and loyalty platform, which includes a dashboard and customer relationship management tools.
Adam Epstein, Tab Payments cofounder, will lead Velocity’s Toronto and Montreal operations.
The value of the transaction was not disclosed.