Benzinga · Nov 10, 2021
Restaurant Technology Company And Toast Competitor Presto Going Public: What Investors Should Know
A leading provider of restaurant labor productivity technologies is going public in a SPAC deal announced Wednesday. The SPAC Deal: Presto announced a SPAC merger with Ventoux CCM Acquisition Corp (NASDAQ: VTAQ) valuing the company at a pro forma equity value of $1 billion. A PIPE of $70 million includes investment from founder and CEO Rajat Suri and several restaurant franchise groups for companies including Yum! Brands, Inc. (NYSE: YUM), Applebee’s, Outback Steakhouse and McDonald’s Corp (NYSE: MCD). Presto will be named Presto Technologies Inc and listed on the Nasdaq after the merger with a stock ticker to be announced. Public VTAQ shareholders will own 17.4% of the new company. About Presto: Targeting the $205 billion restaurant labor market, Presto is one of several companies that have brought emerging technology to the restaurant industry. The company offers next-generation touch, vision and voice technologies. Presto is a market leader in labor productivity and has ...
