The Intel and Recruit-backed hospitality technology developer is set to gain a Nasdaq listing through the transaction.
Presto, the US-based restaurant management software provider backed by corporates Intel and Recruit Holdings, has agreed to a $1bn reverse merger with special purpose acquisition company Ventoux CCM Acquisition Corp.
Founded in 2008 as E la Carte, Presto provides digital technology which enables hospitality businesses to handle logistics, orders and other functions in real time. The merged business will rebrand to Presto Technologies and take Ventoux CCM’s listing on the Nasdaq Capital Market.
The deal values the combined company at $1.04bn and is backed by $70m in private investment in public equity financing from investors including Remus Capital, Apollo Project, Presto founder Rajat Suri and others, such as franchisees of fast-food chains Applebee’s, McDonald’s and Outback Steakhouse.
Presto raised $30m in an early 2019 round co-led by human resources services provider Recruit and venture capital firm Romulus Capital. The participants were filled out by fellow VC firm I2BF Global…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
