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Investing.com -- Restaurant software provider, Olo Inc., is reportedly considering a potential sale following interest from potential buyers, Bloomberg reported, citing people familiar with the matter. The New York-based firm, whose backers include restaurateur Danny Meyer and The Raine Group, is said to be working with a financial advisor to assess the level of interest from possible purchasers.
Shares of Olo gained 10% in after-hours trading Wednesday following the report. The stock is down 19% year-to-date as of the closing bell.
Industry players such as Toast (NYSE:TOST) Inc., a direct competitor, and Oracle Corp (NYSE:ORCL)., a technology solution provider, could be potential buyers. Oracle Corp. has a history of investing in this sector, as evidenced by its 2014 acquisition of restaurant and retail technology provider Micros Systems Inc. for $5.3 billion.
Olo’s deliberations are still in the early stages, and the company could decide against a sale, the report added.