Being lazy just got easier.
GrubHub and Seamless, two startups that let people order restaurant takeout without leaving the sofa or even picking up the phone, said Monday they are merging.
GrubHub CEO Matt Maloney said the private companies’ existing investors aren’t cashing out. That means existing stockholders are rolling their stakes in together, as opposed to a traditional merger in which one company’s stockholders buy out the other’s. Maloney, who will be CEO of the combined company, declined to discuss the companies’ combined valuation.
The deal was unusual because the typical path for tech startups recently has been either an IPO, or being gobbled up by tech giants — as underscored by Tumblr’s acquisition pact with Yahoo on Monday and Instagram’s purchase by Facebooklast year.
In an interview, Maloney got in a jokey poke at Tumblr, whose $1.1 billion acquisition agreement overshadowed his company’s news. “They made all of $13 million last year,” Maloney said, referring to Tumblr’s reported revenue.