Yum! Brands invests US$93m to buy Aussie tech start-up
Fast food corporation Yum! Brands, the US parent of KFC, Pizza Hut and Taco Bell, has purchased Australian tech startup Dragontail for US$93.5 million.
Yum! Brands’ acquisition of Dragontail will take the startup’s emerging technologies in-house in addition to its kitchen order management and delivery software.
According to CFO Chris Turner, the move would allow the US company to scale Dragontail’s artificial intelligence (AI) technology globally across its operations.
Dragontail’s AI-based solution automates the kitchen workflow and incorporates it with the process of dispatching drivers, it also allows customers to track their orders. In addition, this technology can also operate with external food-delivery vendors.
“Yum! Brands and Dragontail have been working in a fruitful collaboration for years,” said Ido Levanon, MD of Dragontail.
“Dragontail’s board fully supports this transaction, which it considers to be an attractive opportunity for its shareholders. It will also provide Yum! Brands with innovative technology.”
This article was first published on Inside Retail.