SaaS software service company 91APP announced earlier that, following a board resolution, it will acquire 100% of the equity of iCHEF (a Taiwanese smart catering technology brand) through its subsidiary Jiu Yi Yu Xuan for US$3200 million (approximately 20% of its consolidated total assets) in an all-cash transaction.
This move signifies that 91APP's service scope will officially expand from "retail" to the "food and beverage" sector, further amplifying its total potential market (TAM), increasing revenue, and strengthening its presence in AI products, advertising, and third-party payments.
However, the transaction is still subject to review and approval by the competent authorities before it can take effect.
Building three major engines: RetailTech + F&BTech + AdTech
91APP stated that after the transaction is completed, it will take over and integrate iCHEF's product technology, customer base and operational capabilities.
This will transform 91APP into a cross-industry technology company with three core business engines operating synergistically: RetailTech, Food & BeverageTech, and AdTech. 91APP considers this its largest acquisition to date, and due diligence has confirmed a high degree of compatibility between the two companies' business models and work cultures.
Focusing on the synergy of payment, advertising and AI
Regarding the specific benefits brought by this acquisition, 91APP pointed out four key areas:
• Third-party payment:By incorporating high-frequency transactions in the food and beverage industry, the scale of cash flow and transaction density can be increased.
• Advertising business:By bringing in more advertisers and data, and gaining a broader understanding of consumer intent, we can enhance our campaign models and return on investment (ROAS).
• AI Applications:A diversified customer base can create cross-industry application scenarios, which is beneficial to AI technologies (such as...).iCHEF's recent push for AI growth advisorsThe landing of ).
• Talent and combat strength:This will enable us to acquire a large number of R&D and service personnel with immediate combat capabilities.
iCHEF boasts 1.5 clients, helping 91APP move towards its "EveryTech" vision.
Founded in 2012, iCHEF focuses on cloud-based POS services, covering online reservations, ordering, membership management, and sales analysis. Currently, it has over 15000 restaurant clients in Taiwan, Hong Kong, and Singapore.
91APP stated that, looking ahead, it will take this acquisition as a starting point to continuously verify the reusability and cross-industry applicability of its technology, accelerate its long-term vision of becoming an "EveryTech SaaS company," and consolidate its leading position in the Asia-Pacific SaaS and AI fields.
