Company:Olo (online ordering)

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Short description: Restaurant-focused business-to-business software as a service company
Olo Inc.
TypePublic
NYSE: OLO
IndustryInternet, Mobile, Restaurants
FoundedJune 2005; 19 years ago (2005-06) in New York City , U.S.
HeadquartersOne World Trade Center, New York City, U.S.
Key people
Noah Glass, Founder & Chief Executive Officer
RevenueIncrease US$149 million (2021)
Decrease US$−28 million (2021)
Decrease US$−42 million (2021)
Total assetsIncrease US$756 million (2021)
Total equityIncrease US$702 million (2021)
Number of employees
639 (December 2021)
Websiteolo.com
Footnotes / references
[1]

Olo is a New York City-based B2B SaaS company that develops digital ordering and delivery programs for restaurants. The company’s platform allows customers to place restaurant orders from multiple origination points – from a brand’s own website or app, third party marketplaces, social media platforms, smart speakers, and home assistants. It also provides restaurants with order analytics and other services.[2]

History

Olo was founded as GoMobo in 2005 by Noah Glass in New Haven.[3][4] Its initial product was a mobile phone app that allowed users to pre-order food via text message from coffee shops for pick-up.[5][6]

In 2010, the company changed its name to Olo ("online ordering") to reflect its change from being a customer-facing application to being a B2B software company, "invisible" to customers,[7] used by restaurants to manage mobile device orders.[8]

Fortune reported in 2015 that restaurants using Olo software had served approximately 10 million customers.[9]

In 2017, Shake Shack launched the Shake App created by Olo; other restaurant brands using Olo software include Denny’s and Wingstop.[10]

In 2019, Olo formed a partnership with Google to provide the interface between Google Search and other Google applications to connect customers with local restaurants, allowing them to place orders directly, without using third-party ordering apps such as Doordash and Postmates. ChowNow, a competitor B2B restaurant order-management SaaS company, has a similar arrangement with Google.[11]

On March 17, 2021, Olo went public on the New York Stock Exchange and its IPO raised approximately $450 million.[12]

In October 2021, Olo announced its acquisition of Wisely, a customer intelligence platform that uses consumer data to personalize online ordering.[13]

In February 2022, Olo launched a service called Olo Pay which enables customers to make one-click online purchases from any restaurant in Olo’s network.[14] In February 2022, Olo acquired Omnivore, a company that developed technology services for restaurants.[14]

Starting in August 2022, Olo stock plunged as restaurants delayed deploying their ordering software.[15] Following the drop in Olo’s share price, several law firms filed what Restaurant Business described as “stock-drop suits”, a common type of lawsuit following a substantial drop in a public company’s share prices where lawyers for investors attempt to show that the company intentionally withheld information related to the price fall from its shareholders.[16][17]

Funding

The company has raised funds from Founder Collective,[18] RRE Ventures, Core Capital, PayPal, Staley Capital, The Raine Group, Danny Meyer (CEO of Union Square Hospitality Group), and private investors.[19]

In January 2020, Bloomberg News reported that Olo might be seeking an IPO with a valuation of $1 billion.[20] Those plans were put on hold due to COVID-19. The company went public in March 2021[21] with a valuation of $3.6 billion.[22]

References

  1. ↑ "Olo Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 25 February 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/1431695/000143169522000009/olo-20211231.htm. 
  2. ↑ Marston, Jennifer (October 2, 2019). "Google and OLO Partner to Give Restaurants More Control of Their Data". The Spoon. https://thespoon.tech/google-and-olo-partner-to-give-restaurants-more-control-of-their-delivery-data/. 
  3. ↑ David Muir (20 September 2006). "Texting Food Orders Makes Cutting In Line OK". ABC News. https://abcnews.go.com/Technology/story?id=2469643&page=1. 
  4. ↑ Ali, Sarmad (20 September 2006). "Text Messaging Speeds Up Fast-Food Orders; Cellphones, Web Services Let Customers Skip Lines; Idea Is Still in Early Stages". Wall Street Journal. Dow Jones & Company Inc. pp. D4. https://www.wsj.com/articles/SB115870978859668270. "Mobo Systems Inc., which has deals with 24 restaurants in New Haven, Conn., and New York" 
  5. ↑ Malynkha, Elena (January 17, 2008). "Pizza Hut Adds Cell Phones To Ordering Service". Informa PLC Informa UK Limited. https://www.informationweek.com/pizza-hut-adds-cell-phones-to-ordering-service/d/d-id/1063462. 
  6. ↑ Alexander Wolfe (1 November 2007). "GoMobo Brings Fandango-Like Advance Ordering To Your Morning Coffee Run". Information Week. http://www.informationweek.com/blog/main/archives/2007/11/gomobo_brings_f.html. 
  7. ↑ Little, Kate (June 6, 2016). "This CEO Passed Up Harvard Law School to Make a Huge Bet on Smart Phones". CNBC. LLC. https://www.cnbc.com/2016/06/06/this-ceo-passed-up-harvard-business-school-to-make-a-huge-bet-on-smartphones.. 
  8. ↑ "GoMobo changes name to reflect offerings". Networld Media Group. December 5, 2010. https://www.qsrweb.com/news/gomobo-changes-name-to-reflect-offerings/. 
  9. ↑ "Exclusive: Tech firm Olo claims 10 million users". http://fortune.com/2015/04/15/startup-olo-claims-10-million-users/. Retrieved 2015-11-12. 
  10. ↑ Zetlin, Minda (September 22, 2017). "Amazon May Soon Bring You a Shake Shack Burger in Under an Hour". https://www.inc.com/minda-zetlin/amazon-may-soon-bring-you-a-shake-shack-burger-in-under-an-hour.html. 
  11. ↑ Luna, Nancy (October 1, 2019). "Google, Olo partnership gives restaurants control of consumer data". Informa USA. https://www.nrn.com/news/google-olo-partnership-gives-restaurants-control-consumer-data. 
  12. ↑ Lucas, Amelia (17 March 2021). "RESTAURANTS Restaurant tech firm Olo shares soar 39% in IPO as online ordering surges". CNBC. https://www.cnbc.com/2021/03/17/restaurant-tech-firm-olo-shares-soar-more-than-20percent-in-ipo-as-online-ordering-surges.html. 
  13. ↑ Fantozzi, Joanna (21 October 2021). "Olo is acquiring software solution platform Wisely for $187 million". Nation's Restaurant News. https://www.nrn.com/technology/olo-acquiring-software-solution-platform-wisely-187-million. 
  14. ↑ 14.0 14.1 Guszkowski, Joe (23 February 2022). "OLO LAUNCHES PAYMENT SERVICE, ACQUIRES POS INTEGRATOR OMNIVORE". Restaurant Business Online. https://www.restaurantbusinessonline.com/technology/olo-launches-payment-service-acquires-pos-integrator-omnivore. 
  15. ↑ "Olo Shares Plummet On After Q2 Revenue Fall Short Of Estimates, Lowered FY Guidance". Benzinga. Aug 11, 2022. https://www.benzinga.com/news/earnings/22/08/28465704/olo-shares-plummet-on-after-q2-revenue-fall-short-of-estimates-lowered-fy-guidance. 
  16. ↑ Guszkowski, Joe (17 August 2022). "OLO IS LOSING ITS SUBWAY BUSINESS, DRAWING SHAREHOLDER LAWSUITS". Restaurant Business. https://www.restaurantbusinessonline.com/technology/olo-losing-its-subway-business-drawing-shareholder-lawsuits. 
  17. ↑ Miranda, Janet (27 September 2022). "Olo Investor Sues Over Nondisclosure of Subway Partnership End". Bloomberg Law. https://news.bloomberglaw.com/class-action/olo-investors-sue-over-non-disclosure-of-subway-partnership-end. 
  18. ↑ "OLO On Mobile Restaurant Ordering: 'We Want To Be The Amazon Of Food'". https://www.forbes.com/sites/cherylsnappconner/2013/10/23/olo-on-mobile-restaurant-ordering-we-want-to-be-the-amazon-of-food/. Retrieved 2015-11-12. 
  19. ↑ Roof, Katie (January 21, 2016). "Olo Raises $40 Million To Expand Delivery Business". Yahoo. https://techcrunch.com/2016/01/21/olo-raises-40-million-to-expand-delivery-business/. "Olo previously raised at least $23 million in funding from RRE ventures, PayPal, Founder Collective and famed restaurateur Danny Meyer." 
  20. ↑ Tse, Crystal; Baker, Liana (January 6, 2020). "Food Software Startup Olo Is Said to Plan U.S. IPO in 2020". Bloomberg L.P.. https://www.bloomberg.com/news/articles/2020-01-06/food-software-startup-olo-is-said-to-plan-u-s-ipo-in-2020. 
  21. ↑ Ruggless, Ron (March 17, 2021). "Olo CEO Noah Glass sees IPO strengthening platform’s independence". Informa USA. https://www.nrn.com/delivery-takeout-solutions/olo-ceo-noah-glass-sees-ipo-strengthening-platform-s-independence. 
  22. ↑ Lucas, Amelia (March 17, 2021). "Restaurant tech firm Olo shares soar 39% in IPO as online ordering surges". CNBC LLC. https://www.cnbc.com/2021/03/17/restaurant-tech-firm-olo-shares-soar-more-than-20percent-in-ipo-as-online-ordering-surges.html. 



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