2 Apr 2019

McDonald's buys 9 percent stake in kiwi tech company

11:35 am on 2 April 2019

McDonald's is buying a minority stake in the NZX-listed software company Plexure, for $5.4 million.

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Photo: RNZ / Katy Gosset

Plexure was behind McDonald's mobile app that rolled out in 48 countries.

This is the fast food giant's first investment in a mobile app company.

Chief executive of McDonald's Steve Easterbrook said the deal proved its focus on technology.

"This investment is a testament to our belief in Plexure's ability to deliver strong results for our business as well as the talent and technology they've cultivated."

Plexure would use the funds to grow and expand, while McDonald's would get a better deal on pricing and would stop Plexure from working with other fast food competitors.

Chief executive of Plexure, Craig Herbison, said the investment was an exceptional development in its relationship with McDonald's.

"This is a tremendous vote of confidence from our largest customer.

"This investment will further our efforts to reach more people with our technology, provide world-class service to our clients and execute our growth plans for our company."

McDonald's would buy a 9.9 percent stake in Plexure, amounting to 13,795,311 shares, at a premium price of 39 cents per share.

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