Report: Square Acquires Food Delivery Service ‘Caviar’

Square

Square is on a mission to diversify, and it’s turning to the red-hot food delivery industry to do so. The payments company run by CEO Jack Dorsey plans to announce this week that it has acquired San Francisco-based Caviar, according to a person familiar with the deal. Caviar runs a service that lets consumers order meals to be delivered to their homes or offices from restaurants that don’t normally offer delivery. Caviar will receive only Square stock in the transaction, this person said. The New York Times reported on Friday that the deal, which was first reported by TechCrunch, will be valued at $90 million. A Square spokesman and Caviar CEO Jason Wang declined to comment. A move into delivery by most payments processing companies would be a head-scratcher. But it could make sense for a company in Square’s position.

Read the full story at re/code, and the original report at TechCrunch.

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