US firm Revel Systems to acquire Russia’s iqPOSitive

Founder of iqPOSitive, Timur Bagaev

iPad-based point-of-sale (POS) firm Revel Systems, has acquired iqPOSitive, the Russian developer of automation solutions for restaurant businesses. Financial details surrounding the deal have not been made public but the transaction took place in May.

The startup which was founded in 2014 by Timur Bagaev, a former programmer, aimed to address the problems surrounding the new generation of cloud-based solutions with tablets used for a range of process including checkout, employee schedule and inventory management.

Together with Belgian specialists, Bagaev developed an iOS solution to address just this but failed to attract investors.

“Many of them liked our project, but the international tensions played a negative role. While we wanted to raise just a small amount, some investors suggested that we moved the business to Western Europe. At a certain point, we felt that these discussions were absorbing too much time without bringing a result,” said Bagaev,

By 2015, the startup’s iqPOS solution was used by over 200 restaurants across Russian and abroad. This traction eventually attracted the attention of San Francisco-based Revel Systems, which has a portfolio of more than 25,000 clients internationally. The transaction will see them employ Bagaev to be their Russia representative.

Revel Systems has been making headlines recently with talks of International Business Machines Corp. (IBM) being in discussions to acquire the company which was valued at $500 million last year.

Talks are still at the early stage although Revel is expected to fill the void in IBM‘s retail services product line. Its clients currently include restaurants and retailers like Cinnabon, Tully’s and Goodwill Industries.

Its software service allows point-of-sale functions like rode entry, cash register and payment processing, in addition to aiding in the management of employee scheduling, payroll, inventory and accounting. Previous investors include IntuitRoth Capital Partners and Welsh, Carson, Anderson & Stowe.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.