Velocity Acquires Uncover, the Premier On-Demand Reservations Platform

NEW YORK, Nov. 24, 2015 /PRNewswire/ -- Velocity announces its acquisition of Uncover, the premier mobile reservations platform. Uncover provides real-time inventory to London's most desirable restaurants – including 44 Michelin stars – such as Alain Ducasse Restaurants, Nobu, Coya, LIMA, Restaurant Story, Taberna do Mercado, and The Clove Club. Velocity will combine the Uncover platform with its mobile payments platform as the next step to providing restaurants with a fully integrated technology platform and premium users with access to the best global reservations – the latest step in its mission to eliminate the information asymmetry and improve the hospitality experience.

Key Highlights:

• Velocity has acquired Uncover, one of the world's leading restaurant discovery and reservation apps, adding instant reservations to its mobile payments platform;
• Acquisition follows recent acquisitions of Cover and Tab Payments as part of its global consolidation strategy for mobile payments, and builds on its vertically integrated stack of hospitality technology to improve the restaurant experience and connect premium venues and high-end diners.
• Uncover maintains on-demand table inventory at restaurants and offers premier mobile users free, instant reservations.
• Transaction solidifies Velocity as the world's leading international reservations, mobile payment, and loyalty platform for premium restaurants and nightlife.
• Combined network of over 800 premier restaurants includes over 60 Michelin stars – including Carbone, Daniel, Cosme, Nobu, Hakkasan Group, The Slanted Door, Al's Place, smoke.oil.salt, Republique, Sketch, Gymkhana, and Alain Ducasse's and Alan Yau's restaurants.

"Combining reservations wit mobile payments is the critical component to providing a premium, global hospitality platform," remarked Zia Yusuf, Velocity Co-Founder and Co-CEO. "Global tastemakers, frequent diners, and big spenders want access to the coveted reservations at the world's premier restaurants, and restauranteurs want to be connected to this highly attractive audience. Velocity's mission is to continue build out this network."

"Uncover has the best technology and market positioning and their innovative technology coupled with a loyal customer base has led to explosive growth - the fastest we have seen in the restaurant reservations space," said Alex Macdonald, Velocity Co-Founder and Co-CEO. "We are looking forward to continuing to build valuable products for restaurateurs that are focused on creating a seamless dining experience for the best customers."

The acquisition is another major transaction as part of Velocity's strategy to provide a fully integrated dining experience. The Uncover platform provides users with guaranteed availability at hundreds of London's most desirable venues. Uncover complements other front-of-house services, offering staff an easy way to supplement other reservations systems, fill last-minute cancellations, and attract valuable out-of-town guests. Velocity will roll out this platform as part of its global hospitality platform.

Velocity was co-founded by childhood friends Zia Yusuf, a former Executive Director at Goldman Sachs, and Alex Macdonald, who previously led company turnarounds in private equity. Building on the success of Velocity in the UK, the company secured $16M Series A financing to accelerate international expansion aligned with its clientele, including additional cities in the US, Europe, and Asia. It recently announced the acquisitions of Cover and Tab, leading North American mobile payment restaurant services.  

The Uncover team will join the Velocity team, and Velocity will continue to invest in the Uncover product until the company launches a consolidated product experience in early 2016. The three Uncover Co-Founders David Saenz, Christopher Steinau, and Dan Ziv will all join Velocity in senior management positions.

Specific terms of the transaction have not been disclosed.

About Velocity
Velocity is the world's leading international digital hospitality service, connecting guests with restaurant and nightlife experiences. Velocity partners with the world's best venues and empowers them to attract, delight, and retain high-value global customers through the power of mobile payments and loyalty. Velocity enables diners to leverage an international dining profile wherever they go, rewarding them for their global hospitality engagement. The service is live in New York, San Francisco, London, Los Angeles, Toronto, and Montreal. Velocity is a Spark portfolio company. www.velocityapp.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/velocity-acquires-uncover-the-premier-on-demand-reservations-platform-300183978.html

SOURCE Velocity

[ Back To TMCnet.com's Homepage ]