Olo Inc.
TypePublic
NYSE: OLO
IndustryInternet, Mobile, Restaurants
FoundedJune 2005 (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.
  2. Marston, Jennifer (October 2, 2019). "Google and OLO Partner to Give Restaurants More Control of Their Data". thespoon.tech. The Spoon. Retrieved 7 January 2021.
  3. David Muir (20 September 2006). "Texting Food Orders Makes Cutting In Line OK". ABC News.
  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". Dow Jones & Company Inc. Wall Street Journal. pp. D4. 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". Information Week. Informa PLC Informa UK Limited. Retrieved 11 January 2021.
  6. Alexander Wolfe (1 November 2007). "GoMobo Brings Fandango-Like Advance Ordering To Your Morning Coffee Run". Information Week.
  7. Little, Kate (June 6, 2016). "This CEO Passed Up Harvard Law School to Make a Huge Bet on Smart Phones". CNBC.com. CNBC. LLC. Retrieved 7 January 2021.
  8. "GoMobo changes name to reflect offerings". QSRweb.com. Networld Media Group. December 5, 2010. Retrieved 11 January 2021.
  9. "Exclusive: Tech firm Olo claims 10 million users". Fortune. Retrieved 2015-11-12.
  10. Zetlin, Minda (September 22, 2017). "Amazon May Soon Bring You a Shake Shack Burger in Under an Hour". Inc.com.
  11. Luna, Nancy (October 1, 2019). "Google, Olo partnership gives restaurants control of consumer data". Nation's Restaurant News. Informa USA. Retrieved 11 January 2021.
  12. Lucas, Amelia (17 March 2021). "RESTAURANTS Restaurant tech firm Olo shares soar 39% in IPO as online ordering surges". CNBC. Retrieved 7 December 2022.
  13. Fantozzi, Joanna (21 October 2021). "Olo is acquiring software solution platform Wisely for $187 million". Nation's Restaurant News. Retrieved 14 December 2022.
  14. 1 2 Guszkowski, Joe (23 February 2022). "OLO LAUNCHES PAYMENT SERVICE, ACQUIRES POS INTEGRATOR OMNIVORE". Restaurant Business Online. Retrieved 14 December 2022.
  15. "Olo Shares Plummet On After Q2 Revenue Fall Short Of Estimates, Lowered FY Guidance". Benzinga. Aug 11, 2022.
  16. Guszkowski, Joe (17 August 2022). "OLO IS LOSING ITS SUBWAY BUSINESS, DRAWING SHAREHOLDER LAWSUITS". Restaurant Business. Retrieved 8 December 2022.
  17. Miranda, Janet (27 September 2022). "Olo Investor Sues Over Nondisclosure of Subway Partnership End". Bloomberg Law. Retrieved 8 December 2022.
  18. "OLO On Mobile Restaurant Ordering: 'We Want To Be The Amazon Of Food'". Forbes. Retrieved 2015-11-12.
  19. Roof, Katie (January 21, 2016). "Olo Raises $40 Million To Expand Delivery Business". TechCrunch.com. Yahoo. Retrieved 21 September 2023. 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 News. Bloomberg L.P. Retrieved 11 January 2021.
  21. Ruggless, Ron (March 17, 2021). "Olo CEO Noah Glass sees IPO strengthening platform's independence". Nations Restaurant News. Informa USA. Retrieved 31 May 2021.
  22. Lucas, Amelia (March 17, 2021). "Restaurant tech firm Olo shares soar 39% in IPO as online ordering surges". CNBC.com. CNBC LLC. Retrieved 28 June 2021.
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