FRAMINGHAM, Mass., Oct. 18, 2022 /PRNewswire/ -- DTiQ announced today that it will be acquiring Summit Innovations, a world leader in drive-thru timing and management solutions to leading Quick Service Restaurant (QSR) brands globally. Summit's proprietary technology is installed in over 10,000 restaurants in more than 40 countries. DTiQ expects the acquisition to close sometime in early fiscal Q4 2022.
The acquisition adds scale and variety to DTiQ's portfolio and expands the company's service and product offerings within the QSR industry, one of our key end markets. The Covid pandemic has highlighted a significant demand within the QSR industry for drive-thru solutions and is therefore an important growth area for DTiQ. "I look forward to welcoming Summit Innovations and their 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 steps up our strategy to provide a more wide-ranging suite of solutions to our customers globally."
"Summit Innovations is a forward-thinking and strong-minded business that strives to innovate and create advancements that enable new possibilities in the QSR industry," said Kim Redstall Director of Corporate Development & Strategy at Summit Innovations. "Having the ability to able to leverage the assets and skill of the DTiQ team, we have the opportunity to build on our industry-leading products as part of a larger talented team that is just as committed to our customers, employees and values."
"The blending of Summit Innovations and DTiQ's technologies will define the future of QSR and retail," said Andre J. Pravaz, Summit Innovations CEO and President. "Combining our talent and strengths, we will bring incomparable technology that will expand our capabilities so we can invest in what matters most - our customers," he concluded.
"Digital Alpha is excited to announce our continued support for DTiQ and its effort to reshape the industry. In acquiring Summit Innovations, DTiQ advances its technology capabilities, expanding its ROI improving offers critical to QSRs," says Rick Shrotri, Founder and Managing Partner of Digital Alpha. "The acquisition, upon completion, will deliver a step-function change in the profile of DTiQ."
We offer state-of-the-art video surveillance to improve loss prevention efforts for restaurants and retail locations. With over 20 years of experience, we've successfully enhanced over eight million consumer experiences a day, all while protecting trillions of dollars in assets. We work with over 45,000 businesses, including Adidas, Burger King, Dairy Queen, Golf Town, Hard Rock Cafe, KFC, McDonald's, Pandora, Subway, Swarovski. Taco Bell, US Polo, Vineyard Vines and Yankee Candle. For more information, visit www.dtiq.com
Summit Innovations is a world leader in the development and provision of drive-thru timing and management solutions to leading Quick Service Restaurant (QSR) brands across the globe. The Summit solution has been proven time and again to improve speed of service times by 20-60 seconds. The business and operational impact that Summit's technology has delivered has led to the Summit product suite proudly becoming the brand of choice for many of the customers that we partner with. Summit's class leading drive thru Business Intelligence analytics platform provides unparalleled data insights and management tools across the enterprise identifying trends, opportunities for improvement and the potential for ongoing best practice and drive thru optimization. For more information, visit www.summitinnovations.com
About Digital Alpha
Digital Alpha Advisors, LLC is an investment firm focused on digital infrastructure and services required by the digital economy with total assets under management of over $1.5B. The firm has a strategic collaboration agreement with Cisco Systems, Inc. As part of this agreement, Digital Alpha has preferred access to Cisco's pipeline of commercial opportunities requiring equity financing. In addition, Digital Alpha has cultivated strategic partnerships with other Silicon Valley technology leaders, with whom it has already executed deals. Digital Alpha believes that it is the first firm focused on making private equity investments in the significant growth opportunities required to underpin the Digital Economy, including Internet of Things (IoT), next-generation broadband networks, and enterprise data management and communication solutions. Digital Alpha was founded in 2017 by Rick Shrotri, former Head of the Global Infrastructure Funds (GIF) team at Cisco, and closed its latest Fund - Digital Alpha Fund II, LP - in early 2021. For more information, please visit www.digitalalpha.net.