Constellation's Harris acquires TouchBistro after startup raised $319M
What's the deal? HarrisDealroom has a profile for this one. Try Dealroom →, a subsidiary of publicly traded Constellation Software, has acquired Toronto-based TouchBistro, the companies announced on Tuesday. Neither side disclosed deal terms, and neither responded to requests for comment.
What does TouchBistro do? It sells point-of-sale terminals and software to restaurants and bars. Former e-commerce entrepreneur Alex Barrotti founded the firm in March 2011 to bring hospitality tech to the then-new Apple iPad, competing with Boston-based, Android-focused Toast.
Why now? TouchBistro's customer base was hit hard by the pandemic. It hired financial services executive Samir Zabaneh as chief executive officer in April 2021; he left for Nuvei this month.
The money: The company raised almost US$319 million. That included $158 million in September 2019 led by OMERS — the pension fund's largest Canadian venture deal to that point — and a $150-million round from private equity firm Francisco PartnersDealroom has a profile for this one. Try Dealroom → in November 2022.
The signal: Constellation and Harris exist to roll up software firms. A once-sizzling Canadian scaleup that raised big rounds is now folding into an acquisition machine, a quieter exit than its funding history once suggested.
Read more: The Logic
Image credit: Generated with Gemini
