Square has officially acquired food delivery startup Caviar

Square not only wants to help you purchase items, but now the payments company would like to deliver your next meal, too. Re/code reported this morning that the mobile payments company will announce the acquisition of Bay-Area-based food delivery startup Caviar this week. This confirms earlier reports from TechCrunch and The New York Times, which noted that Square will pay around $90 million in an all-stock deal to acquire Caviar.

Square has entered the food delivery market with the acquisition of Caviar, a startup that delivers high-end meals. The deal combines Square’s extensive payment network and restaurant account footprint with Caviar’s model for luxury food delivery. “Caviar’s curated, seamless delivery experience is exactly the kind of service we want to provide buyers and sellers,” said Jack Dorsey, CEO of Square, in a blog post announcing the deal. “By making delivery such a fast, friendly, and easy process, Caviar gives time back to restaurants so they can focus on what they do best — cooking great food for their customers.” Last month, TechCrunch reported that a deal valued around $100 million was in the works. Over the past few days, the New York Times and Re/code have also reported that a deal is in the works.

Categorized as Startups

By Rocco Penn

A tech blogger, social media analyst, and general promoter of all things positive in the world. "Bring it. I'm ready." Find me on Media Caffeine, Twitter, Facebook, and Google+.

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