Yum!
Brands, Inc. הודיעה על השלמת רכישת Dragontail Systems Limited (Dragontail), ספקית
חדשנית של פתרונות טכנולוגיים לתעשיית המזון, בעקבות יישום מוצלח של תוכנית ההסדרים
שהוכרזה בעבר בהתאם לחוק התאגידים האוסטרליים.
Yum! Brands
Completes Acquisition of Dragontail Systems, an Innovator in Kitchen Order
Management and Delivery Technology
Acquisition Strengthens Yum! Brands’
Global Order Management and Delivery Capability and Integrates New Technology
Talent into Company
LOUISVILLE, Ky, 9 SEPTEMBER 2021, (BUSINESS WIRE):
Yum! Brands, Inc. (NYSE: YUM) (Yum! Brands) has announced the
completion of its acquisition of Dragontail Systems Limited (Dragontail), an
innovative provider of technology solutions for the food industry, following
the successful implementation of the previously announced share scheme of
arrangement in accordance with Australian corporations law.
This press release features multimedia. View the full release
here: https://www.businesswire.com/news/home/20210908006173/en/
Yum! Brands acquired all of the issued and outstanding common
shares of Dragontail for A$0.235 per share in cash or a total of approximately
A$93.5 million. With the announcement, following the approval by the Australian
Federal Court and by Dragontail shareholders and certain other regulatory
waivers and rulings, Dragontail is now a wholly owned subsidiary of Yum!
Brands, Inc. Yum! Brands estimates that this all-cash acquisition will have an
immaterial impact on its 2021 financial results.
Dragontail’s platform is focused on optimizing and managing the
entire food preparation process from order through delivery. Its connected,
intelligent, end-to-end AI-based solution automates the kitchen flow combined
with the process of dispatching drivers. It helps restaurants sequence and time
each order, while planning optimal delivery routes and combining delivery
orders by location. The technology also offers consumer-facing capabilities
that enable customers to track their order en route. In addition, it can
operate with outside food delivery partners.
“A key growth driver for our business and our teams is the continued
acceleration of our digital and technology strategy, including how we leverage
our global scale with investments in technology initiatives that enhance the
customer and employee experience, strengthen restaurant unit economics and
provide a competitive advantage for our franchisees,” said David Gibbs, Chief
Executive Officer, Yum! Brands. “We’re excited to welcome Dragontail and its
world-class talent to the Yum! family and look forward to deploying its AI kitchen
order management, delivery and other technologies globally to our brands and
franchisees over time.”
Yum! Brands is focused on the continued acceleration of its
digital and technology initiatives across the globe, geared toward providing
customers with new and seamless ways to access its brands, simplifying the
lives of restaurant teams and improving unit economics for franchisees.
Delivery, which Yum! Brands offers in over 39,000 restaurants, is a key part of
the Company’s strategy, driven by a combination of expanded aggregator
partnerships and continued investment in its own branded channels.
“Dragontail’s cutting-edge restaurant technology allows us to tap
into the power of AI to optimize the end-to-end food preparation process and
accelerate and further enhance our delivery technology capabilities,” said
Chris Turner, Chief Financial Officer, Yum! Brands. “We believe Dragontail will
make it easier for team members to operate and run a restaurant, help our
franchisees strengthen their store operations and provide a superior experience
for customers.”
Dragontail’s kitchen order management and delivery technology is
deployed across nearly 1,500 Pizza Hut restaurants in over 10 countries. Many
Pizza Hut restaurants leveraging Dragontail’s platform have already seen a
positive impact on sales, order fulfillment and customer satisfaction scores,
including product freshness and delivery time.
Yum! Brands’ purchase of Dragontail also brings in house other
Dragontail emerging technologies, including its QT AI camera quality control
system.
Dragontail's Managing Director Ido Levanon commented, “It is
exciting to see the completion of the acquisition of Dragontail by Yum! Brands,
who we have been collaborating with for years. This transaction is a positive
one for Dragontail shareholders and it provides Yum! Brands with even more
innovative technology. We look forward to working together to deploy this
technology to more Yum! Brands restaurants around the world.”
The addition of Dragontail to the Yum! portfolio marks the
Company’s third technology acquisition in 2021. In March, Yum! Brands acquired
the business of Kvantum, Inc., an AI-based consumer insights and marketing
performance analytics company with a proven track record of adding significant
value in enabling data-driven decisions to drive return on advertising dollars
and increase sales. That same month, Yum! Brands also acquired Tictuk
Technologies, a leading omnichannel ordering and marketing platform company
offering more ways for consumers globally to access and order its brands
through text, social media and other conversational channels.
Transaction Details
With the announcement, Dragontail Systems Limited is now a
subsidiary of Yum! Brands, Inc., and will continue to be operated as an
independent brand.
The Dragontail business unit, as part of Yum! Brands, will
continue to offer technology solutions to its existing clients.
Dragontail employees will primarily be located in Israel, the U.S.
and Australia, and will continue to be managed by Dragontail’s Managing
Director Ido Levanon.
Baker McKenzie acted as lead legal advisor to Yum! Brands and
Thomson Geer acted as legal advisor to Dragontail Systems Limited.
About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has over 51,000
restaurants in more than 150 countries and territories, operating the Company’s
brands – KFC, Pizza Hut and Taco Bell – global leaders of the chicken, pizza
and Mexican-style food categories. The Company’s family of brands also includes
The Habit Burger Grill, a fast-casual restaurant concept specializing in
made-to-order chargrilled burgers, sandwiches and more. Yum! Brands was
included on the 2021 Bloomberg Gender-Equality Index. In 2020, Yum! Brands was
named to the Dow Jones Sustainability Index North America and was ranked among
the top 100 Best Corporate Citizens by 3BL Media.
About Dragontail
Dragontail is focused on revolutionizing the Quick Service
Restaurant (QSR) and foodservice industry with its two core technology
offerings, sold under a cloud-based, monthly subscription,
software-as-a-service model. Dragontail’s Algo Platform is the first system in
the world to fully automate and streamline the kitchen flow to deliver an
immediate and significant return on investment to fast food and quick service
restaurants, integrating directly into a restaurant’s point of sale system. In
addition, its QT AI camera system’s sensor and camera system automatically
monitors the preparation and cooking process in the kitchen, improving its
efficiency and diagnostics using proprietary patented, advanced AI machine-learning
technology. Dragontail is active in locations throughout Australia, New
Zealand, the United States, Latin America, Canada, Europe – UK, Belgium,
Singapore, South Africa and Israel. The Company is rolling out its technology
globally and has formed partnerships with global delivery services across a
growing number of countries.
Cautionary Statement Regarding Forward-Looking Statements
Certain
statements in this communication contain “forward-looking statements.”
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. Forward-looking statements are
based on current expectations, estimates, assumptions or projections concerning
future results or events, including, without limitation, the projected closing
of the transaction, the anticipated benefits of the transaction, and the
anticipated impact of the transaction on Yum! Brands’ 2021 results.
Forward-looking statements are neither predictions nor guarantees of future
events, circumstances or performance and are inherently subject to known and
unknown risks, uncertainties and assumptions that could cause actual results to
differ materially from those indicated by those statements. We cannot assure
you that any of the expectations, estimates or projections expressed herein
will be achieved. Numerous factors related to the transaction could cause
actual results and events to differ materially from those expressed or implied
by forward-looking statements, including, without limitation: the effect of the
announcement of the transaction on Yum!’s and Dragontail’s business
relationships, operating results and business generally; the risk that the
proposed transaction may disrupt current plans and operations and the potential
difficulties in employee retention as a result of the transaction; the ability
to achieve the synergies and value creation contemplated; Yum!’s ability to
promptly and effectively integrate Dragontail’s businesses; the risk that
operating costs and business disruption (including, without limitation,
difficulties in maintaining relationships with employees) may be greater than
expected; the assumption of unexpected risks and liabilities; the diversion of
and attention of management of both Yum! and Dragontail on transaction-related
issues; and the other factors discussed in “Risk Factors” in Yum!’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2020 and subsequent
filings with the SEC made by Yum!, which are available at http://www.sec.gov. Yum! assumes no obligation
to update the information in the communication, except as otherwise required by
law. Accordingly, you should not place undue reliance on these forward-looking
statements.
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