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[February 21, 2013]

Seamless revenues to top $100 million this year

(Baystreet Tech Insider (Canada) Via Acquire Media NewsEdge) New York-based Seamless will generate more than $100 million U.S. in revenue this year as the online food ordering service expands in new cities and benefits from a surge in mobile users, Chief Executive Jonathan Zabusky said on Tuesday.

Seamless generated $85 million U.S. in revenue last year as its consumer business, its largest, grew 60 percent.

Zabusky is scheduled to speak at the conference on Wednesday.

GrubHub, Seamless's main rival, hired banks late last year for a possible initial public offering in 2013. That company's revenue is roughly half that of Seamless, which posted about $60 million U.S. in sales in 2011.

Seamless will soon be processing $1 billion U.S. worth of food orders a year, Zabusky said. Seamless makes money by taking a small cut of the cash from these orders. The business has a high degree of operating leverage, which means each extra dollar of revenue boosts profitability, Zabusky explained.

While GrubHub may be heading for an IPO, Seamless is waiting.

Once known as mainly a New York service, Seamless saw rapid growth in other cities last year. The volume of transactions the company processed in Los Angeles more than quadrupled in 2012, while transactions in San Francisco more than tripled and more than doubled in Washington D.C., according to Zabusky.

Customers are also ordering more frequently through tablets and smart phones, he added. Mobile devices account for more than 40 percent of order volume and over 30 percent of mobile order volume comes through Seamless's iPad application, he noted.

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