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Yelp to Invest $8M in Nowait to Expand Restaurant Presence

Zacks Equity Research
Updated

Yelp Inc. YELP recently announced that it will be partnering with Nowait, a novel mobile network for casual-dining restaurants. Yelp will invest nearly $8 million in Nowait, which in turn will allow the company to enable its usersaccess the wait time for restaurants through the Yelp app.

Nowait is a unique mobile platform designed to allow users "get in line" at casual dining restaurants from their mobile devices.

Yelp has carved a niche for itself as one of the leading platforms for reviews and choosing restaurants. But with this partnership, the company will be able to take its services a step further by opening avenues for its users to not only select the restaurant but also get in its wait lines, all through a single app.

Yelp stated that "In the coming months, the Nowait experience will be integrated into Yelp, enabling people to see current wait times at thousands of restaurants nationwide and 'get in line' remotely via the Yelp app when there is a wait."

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Through Nowait, Yelp users will have access to over 4,000 casual-dining restaurants which are already being served by the former.

However, even after integration with Yelp, Nowait app will remain functional independently, as per the deal.

Yelp shares have been on an upswing over the last few days following the company’s blockbuster second-quarter 2016 results released on Aug 10. Not only did the company surpass its top and bottom line expectations, but it also saw significant improvements in cumulative reviews, local advertising accounts and app unique devices in the quarter. Since then, shares have surged nearly 14%.

Yelp is a Zacks Rank #3 (Hold) stock. Some better-ranked stocks in the broader tech space include Facebook, Inc. FB, LinkedIn Corporation LNKD and Zendesk, Inc. ZEN, each sporting a Zacks Rank #1 (Strong Buy).

YELP INC Price, Consensus and EPS Surprise

YELP INC Price, Consensus and EPS Surprise | YELP INC Quote

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