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Square to announce Caviar purchase this week says source

Caviar gets gobbled up by Square in an all stock deal according to source, announcement to come this week
| Business, Financial & Legal News | Posted: Aug 4, 2014 4:03 pm

Square is the mobile payment firm that made a name for itself in the credit card processing industry with a tiny card reader that works with the iPhone. The company is set to make a big purchase of a food delivery company called Caviar this week. The tip comes from a source claiming to be familiar with Square's plans.

 

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Caviar is a food delivery firm located in San Francisco that allows customers to order meals that are delivered to the home or office. The meals ordered come from restaurants that don't normally offer food delivery.

 

The deal is reportedly valued at $90 million and is a being funded with stock only. That means no cash is changing hands. Square already has a food pickup feature called Square Order. The Caviar tech could be integrated into Square Order allowing users to browse pickup and delivery options in their area.

NEWS SOURCES:Recode.net

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