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Acquisition deepens Serve's offerings for the restaurant industry, helping partners improve efficiency and manage labor shortage challenges from kitchen to curb
SAN FRANCISCO, Nov. 7, 2024 /PRNewswire/ -- Serve Robotics Inc. ("Serve") (NASDAQ:SERV), a leading autonomous robotic delivery company, today announced its agreement to acquire the assets of Vebu Inc. ("Vebu"), a trailblazer in full-stack automation and robotics solutions for restaurant partners. Financial terms of the all-stock transaction were not disclosed.
The acquisition strengthens Serve's strategic positioning by providing its restaurant partners with a suite of automation solutions and expanding Serve's offering beyond delivery into back of house automation. Vebu will help Serve become a more integral partner to restaurants, accelerating partner adoption as Serve expands its geographic footprint in new cities across the U.S.
Vebu's signature robotic product is the Autocado, the pioneering avocado-processing robot which eliminates the need for restaurant workers to spend hours cutting, coring and scooping avocados to prepare guacamole. The Autocado allows employees to load up to 25 pounds of avocados into the device and walk away to focus on serving customers and preparing other items. It is now in pilot testing in Chipotle's Huntington Beach, Calif. restaurant.
In addition, the transaction is expected to unlock key synergies:
- Expanding Partnerships: Vebu's partnership with leading restaurant companies such as Chipotle will extend Serve's existing business relationships, which include Shake Shack and 7-Eleven, among others.
- Expanding Serve's Market Opportunity: This acquisition complements Serve's recent expansion into delivery over all distances through its partnership with Alphabet's Wing Aviation subsidiary, making Serve one of the most comprehensive automation providers in the ...
