-DTiQ Announces Major Global Expansion and Bolsters Self-Service Solutions Offering with Acquisition of Summit Innovations
FRAMINGHAM, Mass., Oct. 19, 2022 /PRNewswire/ -- DTiQ today announced the acquisition of Summit Innovations, a global leader in self-service timekeeping and management solutions for leading quick service restaurant (QSR) brands worldwide. world. Summit's proprietary technology is installed in more than 10,000 restaurants in more than 40 countries. DTiQ expects the acquisition to close early in the fourth fiscal quarter of 2022.
The acquisition adds scale and variety to the DTiQ portfolio and expands the company's product and service offerings within the QSR industry, one of our key end markets. The Covid pandemic has highlighted a significant demand for self-service solutions in the quick service restaurant sector, making this an important growth area for DTiQ. "I look forward to welcoming Summit Innovations and its talented and highly-skilled employees to our team," said 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 furthers our strategy to offer a broader set of solutions to our clients worldwide."
"Summit Innovations is a forward-thinking, strong-minded company that strives to innovate and create breakthroughs that enable new possibilities in the QSR industry," said Kim Redstall, Director of Corporate Development and Strategy at Summit Innovations. "By leveraging the assets and skill of the DTiQ team, we have the opportunity to develop our industry-leading products as part of a more talented team that is just as committed to our customers, employees and values."
"The combination of Summit Innovations and DTiQ technologies will define the future of restaurant and retail," said André J. Pravaz, CEO and President of Summit Innovations. "By combining our talents and strengths, we will bring unparalleled technology that will expand our capabilities so we can invest in what matters most: our customers," he concluded.
"Digital Alpha is pleased to announce our continued support for DTiQ and its effort to reshape the industry. With the acquisition of Summit Innovations, DTiQ advances its technology capabilities, expanding its ROI enhancement offerings critical to QSRs." said Rick Shrotri, founder and managing partner of Digital Alpha. "The acquisition, once completed, will mark a role change in DTiQ's profile."
About DTiQ
We offer state-of-the-art video surveillance to enhance loss prevention efforts at restaurants and retail locations. With more than 20 years of experience, we've successfully improved more than eight million consumer experiences a day, while protecting trillions of dollars in assets. We work with more than 45,000 companies, such as Adidas, Burger King, Dairy Queen, Golf Town, Hard Rock Café, KFC, McDonald's, Pandora, Subway, Swarovski. Taco Bell, US Polo, Vineyard Vines and Yankee Candle. For more information, visit www.dtiq.com
About the Summit
Summit Innovations is a global leader in the development and supply of self-service timekeeping and management solutions for the world's leading Quick Service Restaurant (QSR) brands. Summit's solution has been shown time and time again to improve speed to serve times by 20-60 seconds. The business and operational impact of Summit technology has led to the Summit product suite becoming the brand of choice for many of the customers we partner with. Summit's class-leading business intelligence analytics platform provides unparalleled data insights and management tools across the enterprise, identifying trends, opportunities for improvement, and the potential for continuous best practices and innovation. optimization of points of sale. For more information, visit www.summitinnovations.com
About Digital Alpha
Digital Alpha Advisors, LLC is an investment firm focused on the digital infrastructure and services required by the digital economy, with total assets under management of more than $1.5 billion. The company has a strategic collaboration agreement with Cisco Systems, Inc. As part of this agreement, Digital Alpha has preferential access to Cisco's portfolio of business opportunities that require equity financing. In addition, Digital Alpha has cultivated strategic partnerships with other Silicon Valley technology leaders, with whom it has already closed deals. Digital Alpha believes it is the first firm focused on making private equity investments in the significant growth opportunities needed to underpin the Digital Economy, including the Internet of Things (IoT), next-generation broadband networks and cloud solutions. data management and business communication. Digital Alpha was founded in 2017 by Rick Shrotri, former head of the Global Infrastructure Funds (GIF) team at Cisco, and closed his latest Fund - Digital Alpha Fund II, LP - in early 2021. For more information, visit www. digitalalpha.net.
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