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Report: Food software startup Olo plans US IPO in 2020

Food software company Olo is eyeing an IPO in the U.S. this year, under which it could seek a valuation of about $1 billion, Bloomberg News reported, citing people with knowledge of the matter.

According to Bloomberg, Olo interviewed potential advisers around the end of 2019. Sources reportedly said there is no final decision yet and plans may change.

Olo provides restaurants with digital solutions to manage online orders and deliveries, as well as to set up food-ordering platforms. Some of its customers include The Cheesecake Factory Inc., Shake Shack Inc. and Denny's Corp., and it has partnerships with delivery services companies DoorDash Inc. and Postmates Inc.

The New York-based company partnered with Uber Technologies Inc. in June 2019 to allow customers to directly place Uber Eats orders into restaurants' systems. It is also working with Alphabet Inc.'s Google LLC to allow customers to directly order from restaurants through the search engine platform.

Olo did not immediately respond to S&P Global Market Intelligence's request for comment.