Waitr to acquire POS, Software Business Cova

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Aggregator and numerical ordering technology company Waitr Holdings Inc. signed a non-binding letter of intent on Friday, December 17 to acquire a cannabis-focused point of sale, Retail inventory and compliance software platform. Innovation Labs Inc. dba Cova.

“We believe the Cova POS solution will be symbiotic with our recently acquired Cape Payments business, as we estimate the annualized gross value of cannabis transactions processed on the Cova platform to be approximately $ 2.3 billion, based on performance. recent, “Carl Grimstad, CEO of Waitr and Chairman, said in the announcement.

About 2,000 dispensaries in Canada and the United States use the Cova software platform.

“We believe we can tailor the Cova point of sale solution for restaurants to provide our restaurant base with an integrated solution for in-house and food delivery services,” said Grimstad.

Waitr’s letter of intent includes a proposed purchase price of $ 90 million payable in cash and the company’s common stock, subject to customary adjustments. Signing the letter does not guarantee that the companies will reach a definitive agreement or whether an agreement will lead to the acquisition closing on the same terms – or not at all.

Waitr and Cova must perform legal, regulatory, business and financial verification, as well as other customary conditions and approvals.

Waitr also acquired the domain name ASAP.com and reserved the Nasdaq trade symbol ASAP as part of a rebranding of the company.

“The combination of our industry-leading cannabis retail technology with Waitr’s on-demand delivery logistics network and payment expertise is a perfect match,” said Gary Cohen, CEO of Cova , in the ad. “Waitr and Cova share the same values: we put the retailer first and believe that no one should stand between them and their customers.

“This should allow dispensary retailers using Cova software to grow and prosper. “

Related: Restaurant POS Consolidation Proves Systems Need To Do More Than Just Process Payments

Last month, Waitr announced its partnership with payment processor Shift4 to bring Shift4’s Harbortouch point-of-sale system to its restaurant customers in 2022.

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