Cloud-based point-of-sale startup ShopKeep said Monday it is acquiring Ambur, a provider of payments technology for restaurants, bars and food trucks. Financial terms of the deal were not disclosed.
Both ShopKeep and Ambur rely on iOS devices such as the iPad and iPhone as part of their POS offering, but according to ShopKeep CEO Norm Merritt, Ambur's technology possessed a key piece of functionality.
ShopKeep's fastest growing segment is full-service restaurants and bars (FSRBs), Merritt explained, and while its current technology was sufficient, the addition of Ambur will enable ShopKeep to target larger scale restaurants.
"Many of these businesses have more complex operations and require higher level tools," Merritt said. "With Ambur's technology, we're able to service more of the market in the FSRB vertical and offer them a solution that is really tailored to their day-to-day business."
On top of the technology gain, Merritt said ShopKeep also gets to keep Ambur's 1,500 paying merchants.
ShopKeep competes with the likes of Square, Poynt and First Data. Along with its POS hardware, the company also offers iPad-tailored software that helps small businesses manage transactions, inventory and customer information.
The Ambur acquisition caps off a string of announcements for the ShopKeep this year. The company recently announced the addition of a new CFO, the close of a $60 million funding round in July, and partnerships with Mastercard and Heartland. Earlier this year, ShopKeep acquired Payment Revolution and began offering customized payment processing as an option to its merchants.