- Presto will merge with a SPAC known as Ventoux.
- Through the merger with a SPAC, Presto could use the public funds to continue developing its products.
- Presto was started in 2008 by Raj Suri, who reportedly dropped out of the Massachusetts Institute of Technology.
Presto, the Redwood City-based technology platform for restaurants is planning to go public through a merger with a blank-check company. According to reports, the combined entity could value at US$ 1 billion and will be known as Presto Technologies.
A special purpose acquisition company (SPAC) known as Ventoux will merge with the restaurant technology company and hopes to trade on the Nasdaq Stock Market.
Presto SPAC: How to buy the restaurant technology firm's stock
Instead of traditional initial public offering (IPO), many companies have started to choose to go public through a merger with a SPAC.
Presto SPAC: Key details
Through the merger with a SPAC, Presto could use the public funds to continue developing its products.
The company offers various technologies using speech recognition and artificial intelligence for doing things like automating orders.
© 2021 Kalkine Media Inc.
Presto aims to make innovative products to improve the user experience at a restaurant and improve the efficiency of staff members. Notably, Presto's clients include brands like McDonald's and Chili's.
Also Read: How to buy Redwood Materials stock?
The merger announcement comes at a time when restaurants are trying to bounce back to the pre-pandemic levels and innovative technologies could help them increase their revenues.
Under the SPAC merger, Presto will reportedly add people to its board, and it could comprise Kim Lopdrup, former CEO of Red Lobster and Ventoux's Ed Scheetz.
Interested investors in Presto's stock could wait for the company to start trading publicly and use online trading accounts to buy its shares like regular stock trading. As of now, there's possibly no way to get hold of the restaurant technology company's stock.
Presto was started in 2008 by Raj Suri, who reportedly dropped out of Massachusetts Institute of Technology to establish this company and developed its first pay-at-the-table device within a year.
Reports suggest that Presto's merger will be funded by US$ 172.5 million from the SPAC's trust account.