This merger is Redefining the Global Hospitality Tech!
In the dynamic landscape of Australian tech startups, two companies have recently made headlines with a strategic move that's set to redefine the hospitality industry's future: Mr Yum and me&u.
A Table for Two Titans: This merger marks a significant moment in the sector, uniting the visions of their innovative founders to create a powerhouse in mobile ordering and payments.
Founded by a quartet of visionaries—Andrei Miulescu, Kim Teo, Kerry Osborn, and Adrian Osman—Mr Yum blossomed from a Melbourne-based startup into a global contender in the hospitality tech space. Their platform revolutionized the dining experience with QR code ordering, allowing customers to browse digital menus, place orders, and pay with ease, all from their smartphones. This tech-savvy approach to dining not only enhanced customer convenience but also empowered venues with valuable data and streamlined operations.
Stevan Premutico, the entrepreneurial spirit behind me&u, brought his passion for hospitality and technology together to create an app that minimized queues and maximized socializing. With a background that includes the successful launch and sale of the online restaurant booking platform Dimmi to TripAdvisor, Premutico's me&u became a leader in the Australian market, capturing a significant share of the pub ordering sector and partnering with top hospitality groups.
In a move that surprised and excited the industry, Mr Yum and me&u announced their merger in late 2023, ending years of competition to form the world's largest ordering and payments platform for the hospitality sector. The combined entity, operating under the me&u brand, is now led by Mr Yum's co-founder Kim Teo as CEO, with Stevan Premutico joining the board as a non-executive director. This strategic alliance is expected to drive innovation, enhance customer experiences, and expand their global footprint.
Fascinating Facts:
The merged entity serves over 6,000 venues worldwide, processing around $2 billion in dining transactions annually, showcasing the scale of their combined market influence.
The idea for the merger was sparked over a casual beer between me&u's Stevan Premutico and Mr. Yum's Adrian Osman in Austin, Texas, symbolizing the friendly nature of their competitive relationship.
The merger is set to deliver a 'super product' with a focus on innovation, as the product and engineering teams now make up a larger percentage of the combined company.
With a commitment to real human support, the merged company boasts an impressive average response time of under 36 seconds for customer inquiries.
The Mr. Yum founders, recognizing the limitations of the Australian market for their ambitious goals, made a daring move to expand internationally, with Kim Teo and Adrian Osman relocating to Los Angeles during the COVID-19 pandemic to spearhead their U.S. expansion.
Mr. Yum swiftly pivoted to include a pickup and delivery option for its customers, developed and deployed in less than 10 days, showcasing the team's agility and commitment to supporting hospitality venues during challenging times of the COVID-19 Pandemic.
Mr. Yum's founders placed a strong emphasis on culture, being transparent about the company's financial runway and incentivizing staff with options in exchange for salary sacrifices, fostering a deep sense of loyalty and commitment among the early team members.
Stevan Premutico conceptualized his first startup, Dimmi, on the back of a napkin during the global financial crisis in 2007, which revolutionized the Australian restaurant industry and was acquired by TripAdvisor for $25 million.
Premutico was offered a dream job by Richard Branson but chose to decline it in pursuit of his entrepreneurial vision, exemplifying his deep commitment to following his passion and making a significant impact in the world.
This merger is a testament to the power of collaboration over competition, as two of Australia's most successful hospitality tech startups join forces to create a global leader in the industry. The combined expertise of Andrei Miulescu, Kim Teo, Kerry Osborn, Adrian Osman, and Stevan Premutico is set to propel the new me&u to greater heights, transforming the way the world dines out.
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