Why McDonald's is supersizing its tech spending
The QSR giant bought a technology company and invested in a mobile app developer in just a week, signaling an aggressive focus on its drive-thru sales and digital offerings.
McDonald's $300 million purchase of tech company Dynamic Yield last week — a first for fast food — and its $3.7 million investment in mobile app developer Plexure may have left some in the restaurant world scratching their heads. But it’s all a part of an industrywide push to increase tech adoption.
The QSR has already been increasing its technology spending in recent years to develop new consumer-facing technology, McDonald's Chief Financial Officer Kevin Ozan said during the JP Morgan Gaming, Lodging, Restaurant & Leisure Forum in March.
"I think technology, which used to be considered to support the business, is now to grow the business," he said.
These investments could give McDonald's additional insights emerging tech rivals won’t have access to, Moody's vice president and senior credit officer William Fahy told Restaurant Dive.