Toronto restaurant technology company TouchBistro has been acquired by Harris Computer, an Ottawa-based subsidiary of Constellation Software. Harris quietly announced the deal July 7, while BetaKit reported the company had previously raised hundreds of millions in venture capital and debt to build point-of-sale and restaurant management software.
Terms were not disclosed, but The Globe and Mail reported Harris paid $100 million, far below prior investor expectations. Founded in 2011, TouchBistro grew to more than 25,000 venues before facing COVID-19 disruption, slower growth, tougher financing conditions, competition from Toast, and a broader reset for unprofitable venture-backed software companies across Canada now.
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