DTiQ announced today that it will be acquiring Summit Innovations, a world leader in drive-thru timing and management solutions to leading Quick Service Restaurant brands globally. Summit's proprietary technology is installed in over 10,000 restaurants in more than 40 countries. DTiQ expects the acquisition to close sometime in early fiscal Q4 2022.
The acquisition adds scale and variety to DTiQ's portfolio and expands the company's service and product offerings within the quick-service restaurant industry, one of our key end markets. The Covid pandemic has highlighted a significant demand within the quick-service restaurant industry for drive-thru solutions and is therefore an important growth area for DTiQ. "I look forward to welcoming Summit Innovations and their talented and highly skilled employees to our team," says Marc Litz, CEO of DTiQ. "I am confident that our shared capabilities will make us the most qualified and competent team in the industry. This valuable acquisition significantly enhances our resources for new and existing customers and steps up our strategy to provide a more wide-ranging suite of solutions to our customers globally."
"Summit Innovations is a forward-thinking and strong-minded business that strives to innovate and create advancements that enable new possibilities in the quick-service restaurant industry," says Kim Redstall Director of Corporate Development & Strategy at Summit Innovations. "Having the ability to able to leverage the assets and skill of the DTiQ team, we have the opportunity to build on our industry-leading products as part of a larger talented team that is just as committed to our customers, employees and values."
"The blending of Summit Innovations and DTiQ's technologies will define the future of [quick service] and retail," says André J. Pravaz, Summit Innovations CEO and President. "Combining our talent and strengths, we will bring incomparable technology that will expand our capabilities so we can invest in what matters most – our customers," he concluded.
"Digital Alpha is excited to announce our continued support for DTiQ and its effort to reshape the industry. In acquiring Summit Innovations, DTiQ advances its technology capabilities, expanding its ROI improving offers critical to [quick-service restaurants]," says Rick Shrotri, Founder and Managing Partner of Digital Alpha. "The acquisition, upon completion, will deliver a step-function change in the profile of DTiQ."