Reforming Retail

Marlin Seeks to Unload HotSchedules for 20x EBITDA, But The Market is A Joke

After TPG started the rollup in 2013, Marlin took over Hotschedules (technically rebranded to Fourth) in 2019. What we said then is what we will still say now: There is no TAM in restaurant back office worth...

Internal Dutchie Communications Shine Light on Company Struggles, Questionable Behavior

Dutchie caught the eye of many with their voracious appetite for capital and steadfast commitment to becoming the leading POS in the US cannabis industry. Following the precedent set at Toast – and...

Mizuho Calls Out Global Payments for Misstating What Industry Insiders All Know

Good on the Mizuho team for bringing financial forensics to bear on Global Payments. Mizuho’s PDF is available here and pasting below some summary text: Summary GPN reported results this week. While they...

Shift4’s M&A Strategy Is… A Facepalm

How many times has there been a “rumor” that someone was interested in acquiring Shift4 only for us to find out… Shift4 was likely entirely behind the rumor? Dude. Could you be any more...

Exposing Olo Part 1: Introduction

Olo has been an industry leader insofar as they are one of the very, very few companies to cross $100M in revenues. Because despite representing over a $T in US spend, restaurants spend mere basis points on...

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