Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
Naver acquires Yanolja F&B Solutions
Yanolja F&B Solutions' yaOrder service / Courtesy of Yanolja F&B Solutions
By Lee Gyu-lee
Tech giant Naver has acquired Yanolja F&B Solutions, a digital solutions company, to enter Japan's food service industry.
Naver’s Japanese subsidiary, Naver J.Hub Corp., bought out the food service provider at around 10 billion won ($7.04 million), obtaining full control over the company. The acquisition reflects the company's effort to secure its competitiveness in the food service tech market.
The subsidiary has been involved in various equity investments and technical collaborations over the past several years, supporting Naver’s global business operations.
Naver's acquisition negotiations with Yanolja F&B Solutions gained momentum this year. The food service company owns numerous business-to-business services, including queue management service Nowwaiting, food ordering platform yaOrder and customer marketing service Dodo Point.
The company, which was originally founded as Nowbusking, adopted its current name after Yanolja acquired its management in 2020. Before Yanolja's acquisition, Kakao was its major shareholder.
The company built its reputation as a digital solutions provider for small and medium-sized establishments. YaOrder then expanded its service from pick-up ordering to table ordering.
However, the company struggled to make a profit over the years with growing sales losses, which led them to seek strategic investment or restructuring. In 2023, it recorded revenue of about 6.3 billion won with a net loss of 8.3 billion won.
This acquisition is interpreted as part of Naver's expansion of small and medium-based businesses. It has recently been diversifying local commerce services such as ordering, reservation and reviews, seeking to create synergy by integrating these services with its existing platforms like Naver Pay and Smart Place.
The acquisition is also seen as the company’s strategic decision for global business expansion while accelerating its digital transformation in the food service business by leveraging Yanolja F&B Solutions' technology and infrastructure.