Berlin-based orderbird announces more than 30% growth of annual recurring revenue with its POS system for restaurants
Summary
orderbird AG, the Berlin-based tech company focused on making independent restaurants more successful, announced today its unaudited financial results for the first half of 2019. CEO Mark Schoen commented: “Our key financial metric is Annual Recurring Revenue. We have decided to conserve cash this year so that we can deploy significantly more resources next year when buying activity is dramatically higher and customer acquisition costs are lower.” A new fiscalization law called the “Kassensicherungsverordnung” (cash register security regulation) goes into effect in Germany on January 1st, 2020, requiring that restaurants and retailers use only point-of-sale systems that are certified by the Federal Office for Information Security. Because of our brand, market-leading services, and our ease of on-boarding, I am confident that we’ll sign on double the number of new customers in Germany as our closest competitor next year.” Founded in 2011 and headquartered in Berlin, orderbird and it’s POS solution currently serves more than 10,000 restaurateurs in Europe with more than €3 billion in gross transaction volume. Chief Strategy Officer Jakob Schreyer commented: “German small businesses will see a lot of benefit as card and other cashless payments become more accessible, more efficient, and more economically attractive for everyday purchases.