American fast food company, McDonald's has entered into an agreement to acquire decision-logic technology provider Dynamic Yield for $300 million in an attempt to enhance customer experience and provide better-personalized menus using digital technology.
The fast-food giant is spending more than $300 million on Dynamic Yield, according to a report in Times of India. This acquisition is an attempt to use personalized digital technology for better customer experience. It would enable the fast-food chain to customise the electronic menu boards' display of items, depending upon various factors such as weather, regional preferences and the time of day, mentioned the daily.
Steve Easterbrook, Chief Executive Officer, McDonald's Corp, tweeted and announced the largest acquisition by the burger giant in 20 years. He mentioned further that this acquisition would provide Mac Donald's customers more convenience on their own terms.
Pleased to announce what will be @McDonaldsCorp’s largest acquisition in nearly 20 years. Looking forward to working with Liad Agmon and the @DynamicYield team to provide McD customers more convenience on their terms https://t.co/Nj1jnWO10M— Steve Easterbrook (@SteveEasterbrk) March 25, 2019
Since taking charge as the CEO of the company in 2015, Easterbrook has emphasised on digital technology and has included self-order kiosks, digital menus boards and delivery services to boost the sales of the company and to help it stand out among its competitors. This is the largest acquisition of the fast-food company and showcases the company's desires to use technology for speed growth in the ever-competitive restaurant industry, as per the daily.
"Technology is a critical element of our velocity growth plan and the speed with which we'll be able to implement our vision of creating more personalised experiences for our customers", the daily quoted Easterbrook as saying. McDonald's shares rose as much as 1.7% to $188.88 on March 26, which is the highest in two months, according to the daily.
On Tuesday, Dynamic Yield also tweeted sharing its excitement on becoming a part of the McDonald's family and its vision for the future i.e. to build the best personalization technology in the market.
We are thrilled to become a part of the amazing @McDonaldsCorp family and look forward to continuing our work building the best personalization technology in the market: https://t.co/5o0nkt4xB2pic.twitter.com/12E6poh2QR— Dynamic Yield (@DynamicYield) March 25, 2019
This agreement makes McDonald's the sole owner of the decision-logic technology company, based in New York and Tel Aviv.
(Edited by: Nehal Solanki)