For comparison, McDonald's plans to spend a billion dollars in 2019 alone to get thousands more restaurants up to speed on the chain's Experience of the Future store remodels. This is the largest deal for the Chicago-based chain in about 20 years, when it became an investor in Chipotle Mexican Grill Inc.
Under the terms of the deal, Dynamic Yield will remain a standalone business with McDonald's as sole owner. Over the years, McDonald's has been aggressively making technology advancements throughout its restaurants by installing more self-ordering kiosks, developing mobile apps and by partnering with UberEats service to expand delivery. The acquisition allows McDonald's to tailor the items displayed on menu boards at drive-thru outlets to customers.
"With the support of McDonald's, our growth and efforts in product development, partner and customer support, as well as global presence, will only further accelerate", Agmon added in a blog post announcing the deal. He also added that with this acquisition, the fast food market not only increases the use of technology in its processes but also will be able to achieve the vision of creating personalized experiences for the customers. With this acquisition of Dynamic Yield, based in NY and Tel Aviv, McDonald's builds on its significant technology investments for growth. It can suggest additional items that would work well with an existing order and show customers items that are popular at the restaurant, according the press release.
Dynamic Yield offers e-commerce brands around the globe the Amazon-style personalized online experience.
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Once the deal is closed, the fast food chain will begin rolling out the technology in its drive-thru restaurants in the United States in 2019 and then expand it to other top global markets, the statement said.
As the company spends those billions to ensure that almost every restaurant will have digital menu boards at the drive thru and touchscreen ordering kiosks by the end of 2020, it makes sense that executives are already thinking about how to better leverage that technology. The system will ultimately reach all 14,000 United States restaurants and expand to other markets. Dynamic Yield intends to keep its brand and its current clients, and contract new clients, Agmon told Calcalist in an interview Tuesday.
The acquisition builds on McDonald's recent advancements in the tech space to enhance the customer experience.