Payment processing solutions provider Shift4 Payments has acquired VenueNext, which offers next-generation mobile commerce, point-of-sale, and loyalty solutions for venues.
The deal announced today (Thursday) enhances Shift4’s presence and capabilities in a number of large and growing verticals such as stadiums and arenas, while significantly expanding the company’s total addressable market with entry into the likes of entertainment, universities, theme parks and airports.
VenueNext is used by teams in every major US professional sports league. In September, VenueNext signed a multi-year partnership with Ticketmaster to deliver its contactless payment and ordering services to venues powered by the ticketing giant’s technology.
In May, VenueNext teamed up with digital services provider Sidearm Sports on a new solution to enhance the fan experience and improve social distancing during sports events held at US colleges and universities.
VenueNext’s product suite includes mobile ordering, full venue point-of-sale software, branded mobile applications, and a mobile wallet/loyalty engine. Shift4 said this mobile technology will add value across its entire ecosystem.
In July, Shift4 partnered up with NFL American football team the Las Vegas Raiders and its new Allegiant Stadium. The company said the VenueNext acquisition uniquely positions it as the only vertically integrated provider to power every aspect of in-venue commerce.
Jared Isaacman, Shift4 Payments CEO, said: “At Shift4, we thrive on eliminating complexity and reducing cost for the most demanding commerce environments. We have taken the same successful vertically-integrated strategy that has served us incredibly well in the hospitality and restaurant industries, and brought it to eCommerce with Shift4Shop and now to sports stadiums, entertainment venues and theme parks with this exciting acquisition.
“We couldn’t be more excited to welcome VenueNext to the Shift4 organisation. We love their focus on the ‘fan & patron experience’ and making commerce simple and more enjoyable. In addition to jointly pursuing new opportunities, we intend to immediately offer Shift4’s end-to-end payments solution to VenueNext’s sizeable existing customer portfolio which spans across virtually every category of large venue across the country and internationally.”