Successful Sale of Leading Hospitality Point of Sale Provider, OrderMate to MSL Solutions (ASX:MSL)
Henslow is pleased to have acted as M&A Corporate advisor to POS provider, OrderMate on their sale to MSL Solutions (ASX:MSL). MSL has acquired 100% of the shares in OrderMate for a consideration of $7.5m ($5.5m cash and $2.0m MSL shares). The transaction provides MSL with an opportunity to scale through acquisition of a leading Australian POS provider occupying a strategic market position.
Founded in 2001 and based in Melbourne, OrderMate enables efficient ordering, transactions and payments for a large number of Australian food and beverage venues. OrderMate has a significant customer base with over 2,400 customers, with a particular focus on restaurant, café and fine dining venues. The businesses products provide a cross-platform software and hardware solutions that lends itself to more complex, higher-revenue operations.
Co-founder of OrderMate, Mark Calabro and Shannon Hautot, said:
“We are extremely excited by this acquisition and look forward to seeing the future success and growth of OrderMate under MSL. It was very important for us that OrderMate found a new home, where it would be able to further scale and make a positive impact to so many hospitality businesses.”
To date, no POS provider in Australia has attained significant scale in the current market. Therefore, players are increasingly accepting the need for consolidation. The sale of OrderMate follows the successful sale of Deliverit to Pemba Capital in June 2021, highlighting Henslow’s industry expertise and M&A capabilities in the highly fragmented and competitive Australian POS market.
The Henslow team worked with the OrderMate founders and senior management by initially undertaking a strategic review of the POS market and OrderMate, sourcing potential buyers and undertaking complex negotiations with an ASX-listed buyer which led to a successful outcome for both parties. The transaction adds to Henslow’s strong track record in advising founder-owned businesses on a path to liquidity and helping them realise the value of their life’s work.