Private equity firm Spectrum Equity has acquired fromARAMARK a minority stake in SeamlessWeb, which offers an online and mobile food ordering service, for $50 million. Following the transaction, SeamlessWeb’s operations will be separated from those of ARAMARK.
SeamlessWeb CEO Jonathan Zabusky posits that the transaction enables the company to pursue accelerated expansion and product innovation, as well as ‘opportunistic’ acquisitions.
SeamlessWeb’s digital marketplace promotes, markets and connects local restaurants with business and consumer customers across multiple platforms.
Its restaurant network includes over 7,000 restaurants in 27 cities globally, including New York, London, Boston, Chicago, San Francisco and Los Angeles, and the company claims over one million individuals have ordered through the platform to date.
Originally founded in 1999, the company says managed volume growth has is projected to exceed $400 million this year.
Spectrum Equity was founded in 1994 and has raised six investment funds, representing $4.7 billion of private equity capital, to date. Prior investments include Demand Media, SurveyMonkey, NetQuote and Ancestry.com.