Uncategorized

Uber to buy Postmates in $2.65 bln all-stock deal

Uber Technologies has agreed to acquire restaurant delivery service Postmates in a $2.65 billion all-stock deal, the company announced Monday. ‘We’re thrilled to welcome Postmates to the Uber family as we innovate together to deliver better experiences for consumers, delivery people, and merchants across the country,’ said Uber CEO Dara Khosrowshahi. Uber Eats head Pierre-Dimitri Gore-Coty is expected to run the combined business, although Postmates CEO Bastian Lehmann will continue to manage Postmates as a separate service, one Bloomberg source said. The acquisition will help Uber compete with DoorDash, the leader of the food delivery market in the United States. Postmates will give Uber Eats a stronger position in Los Angeles and the Southwest. Uber and Postmates had discussed a deal on and off for four years, but the talks picked up after Uber’s failed bid for GrubHub.

Postmates is an American company that offers local delivery of restaurant-prepared meals and other goods. As of February 2019, Postmates operates in 2,940 U.S. cities.The service relies on mobile phone applications and their Global Positioning System capabilities to match inventories and consumer demand.Launched in 2011, Postmates is one of many on-demand delivery companies in the United States providing delivery from restaurants and stores that previously did not offer goods delivery.
Postmates is an example of an on-demand company. Postmates co-founder Bastian Lehmann calls the company – READ MORE »