Olo, an on-demand commerce platform fueling the digital transformation of the restaurant industry, will purchase the Wisely customer intelligence and engagement platform, according to a Thursday, October 21. Press release.
The acquisition cost approximately $ 187 million, including $ 77 million from the transaction in cash and the remaining $ 110 million in Class A common stock in Olo.
Wisely’s services enable restaurant brands to personalize customer experiences. By purchasing Wisely, Olo will enable greater engagement with foodservice brands, giving them more insight into the data and enabling them to better understand customers.
The release says this will give customers more lifetime value, boosting retention, frequency and spending initiatives.
Olo will be able to expand its platform for Wisely’s suite of customer intelligence products, allowing restaurants to manage their technology and work with Olo’s solutions.
âAs we envision the future of all digital for restaurants, the tools that help brands leverage customer data and turn it into actionable insights will be critical so they can better serve customers and manage their business. ‘catering business as a whole,’ said Noah glass, founder and CEO of Olo.
Glass added that there had been “clear synergies between the two platforms and close cultural alignment to prioritize restaurants.”
He said Wisely’s products could help “create a differentiated and broad product line that will accelerate the digital transformation of our restaurant brands.”
Wisely has a growing list of corporate clients and emerging companies. It also offers software solutions such as its all-in-one customer relationship management, with marketing automation including emails and SMS, and a table, waiting list and reservation management solution. called Host, a customer sentiment tracker and customer data platform designed just for restaurants.
âWith our platform, restaurant brands are better able to personalize the customer experience – in the dining room, online and through digital means – to ultimately improve customer lifetime value,â said Mike Vichich, co-founder and CEO of Wisely. âBy partnering with Olo, restaurant brands will have the ability to unify their transactions and customers in a single, easy-to-use system. “
Restaurant loyalty programs were popular amid the pandemic-era economy, with 47% of U.S. customers reportedly using a loyalty program. This is a big increase from the days before the pandemic, when only 24% of U.S. customers used such programs.
Read more: How Restaurant Loyalty Programs Can Engage Customers and Increase Sales