- Brings together Ordering, Payment and Loyalty under one roof
- Acquisition expands reach to over 15% of Australian Cafes
- Organic growth continues across both Beat the Q and eCoffeeCard platforms
- Reckon and Vocus founders back acquisition strategy
Sydney, Australia, 27 February 2014 — Beat the Q, the startup putting an end to queues and waiting time around the country with an innovative mobile payment solution, has acquired Australia’s leading loyalty app eCoffeeCard.
eCoffeeCard is a free app (iOS, Android, Windows Phone, and Blackberry) which consolidates coffee loyalty cards in one convenient location. Its reach of 1,600 cafes and 320,000 users makes it the biggest mobile loyalty scheme in Australia.
The acquisition merges two innovative systems under one roof, combining ordering, payment, AND loyalty.
“Acquiring eCoffeeCard gives us a direct business relationship with 15% of all cafes around Australia, and a platform for true scale to help us become a market leader,” said Adam Theobald, Founder and CEO of Beat the Q.
“There are strong synergies between Beat the Q and eCoffeeCard at a product, merchant, and consumer level, which is why the acquisition is such a perfect fit for us. We think bringing together two market leaders in their respective categories is a ‘one plus one equals three’ situation.
Beat the Q has enjoyed tremendous growth over the past year, processing over 500,000 orders for hot drinks through the app. Over 250 cafes around the country have signed up to it, including Toby’s Estate, Danes, Marionette, Sonoma, Campos Coffee, Gabrielle Coffee, GG Espresso, and Mecca Espresso.
“It means Beat the Q will be the go-to platform for merchants and consumers who are seeking a seamless, easy to use system capable of managing orders, payments, and loyalty benefits” says Theobald.
Beat the Q has funded the acquisition by completing a capital raising with current and new shareholders including Greg Wilkinson (Founder, Reckon Limited), James Spenceley (CEO, Vocus Communications), and former AFL star Leo Barry.
“Having the founders of two of Australia’s most successful technology companies back us as investors is a huge boon for Beat the Q. We’ll now be able to draw on the experience, insight, and advice from James and Greg, who have driven sustained growth on the ASX for Vocus and Reckon respectively” says Theobald.
“Adam and his team have developed a fantastic product and platform, one that is making mobile payments seamless and simple,” said James Spenceley, CEO of ASX-listed Vocus Communications.
“The ECC acquisition is great because the synergies between the businesses will catapult them forwards together. Growing via acquisitions was very successful for Vocus, giving us product and scale faster than we otherwise could have developed them.
“I am thrilled to be an investor in Beat the Q and I hope to see them make further intelligent acquisitions in the future.”
CEO, Beat the Q / eCoffeeCard
0403 580 884
Vuki Vujasinovic – Click PR
0422 492 660
Background re number of cafes:
http://www.smh.com.au/entertainment/restaurants-and-bars/independent-cafes-left-counting-their-beans-20120720-22fdp.html (2000 chain cafe outlets, 8000 independent, 2012)