Flashpoint completed one of its largest exits so farJanuary 14, 2022 1:49 pm
January 12, 2022 — Meal Ticket, a leading end-to-end business management solution for foodservice distributors, and MarketMan, a leading inventory management and supplier automation platform for the restaurant industry, today announced a merger to combine their complementary software and enable more automated, efficient interactions between foodservice distributors and restaurant operators. The merger is supported by an investment from PSG, a leading growth equity firm partnering with middle-market software and technology-enabled services companies. The investment of over $100 million aims to support the formation of a global leader in software and data analytics for the foodservice industry.
Previously Marketman was supported by European and Israeli investors including Flashpoint Venture Capital, who was the largest shareholder in the company at the time of the sale. As part of the deal, existing institutional shareholders sold their stakes in the company.
Alexander Konoplyasty, General Partner at Flashpoint Venture Capital commented: “We are proud that we were an early investor in MarketMan and supported Noam in his journey expanding the company’s operations from Israel to become a truly international service provider. Now, with the new international shareholder the company will open new horizons and further accelerate its development. ”
Meal Ticket was founded in 2011 by Wink Jones and Brian Konrath, and MarketMan in 2013 by Noam Wolf, Igal Wolf and Or Mintz, with the intention of providing a suite of operational tools and solutions for businesses across the foodservice supply chain to drive efficiency and profitability. Meal Ticket’s all-in-one platform provides software solutions and delivers customer-first insights, helping distributors better serve their customers and increase sales. MarketMan’s cloud-based inventory management software enables restaurants to manage inventory and orders, monitor purchasing spend and food costs, and analyze back-of-the-house operations to save them time and drive greater profitability.
As a combined company, Meal Ticket and MarketMan will continue to operate their existing product lines in addition to developing new products together and serving customers globally. The company plans to significantly expand its headcount in its existing Tel Aviv and New York offices, particularly its engineering and product development teams based in Israel.
“Meal Ticket and MarketMan are natural complements to each other’s businesses. Meal Ticket analyzes over $40 billion in supply chain transactions from its food distributor customers, while MarketMan has a significant footprint of over 7,000 paying restaurant locations around the globe buying from thousands of distributors,” said Wink Jones, CEO of Meal Ticket. “Together, we have the ability to enhance the restaurant operator’s experience, create new software for the foodservice supply chain, and offer ordering and payment solutions that benefit restaurants and distributors.”
“MarketMan has always been focused on solving difficult inventory and supplier automation problems for restaurants,” said Noam Wolf, CEO of MarketMan. “This deal is a unique opportunity to not only continue serving them, but also accelerate the development of the platform. With significant new investment capital from PSG, an experienced growth investor in B2B SaaS and payments, as well as significant resources and expertise from Meal Ticket, we will be able to push forward a variety of exciting product initiatives for years to come.”
“We believe the combination of the Meal Ticket and MarketMan customer bases, as well as the integration of their strong technology platforms, creates an end-to-end provider of high-value, data-driven products to the entire foodservice value chain,” said John Marquis, Managing Director at PSG. “We’re excited to support Meal Ticket and MarketMan in their next stage of growth.”
Oppenheimer & Co. served as financial advisor to MarketMan.
About Meal Ticket
Meal Ticket is a leading software provider in the foodservice supply chain, delivering a suite of SaaS tools that provide distributors and manufacturers visibility into critical market data. The company’s products enable its clients to shift from legacy analog systems to fully automated, software-driven solutions resulting in better account penetration, more strategic vendor relationships, and overall higher margins. Meal Ticket was founded in 2011 and is headquartered in Boise, Idaho, with offices in Colorado and Florida. For more information, visit www.mealticket.com.
MarketMan is an inventory management platform that helps restaurants keep costs under control and efficiently manage inventory by automating back-of-house operations. MarketMan’s cloud-based inventory management and purchasing solution simplifies all back-of-house operations, streamlining everything from inventory to budgeting, reporting, and supplier management. Founded in Tel Aviv, Israel in 2013, MarketMan now has offices in London, the San Francisco Bay Area, and maintains its global headquarters in New York City. For more information or to inquire about partnering with the platform, please visit https://marketman.com.
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 85 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.