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Revel Systems had something to celebrate today. The maker of point-of-sale terminals announced on Tuesday it has raised $100 million in a Series C round from private equity firm Welsh, Carson, Anderson & Stowe and other strategic investors.
San Francisco-based Revel makes an iPad-based point-of-sale that isn’t for the casual card swipe at a boutique store. Rathe, it’s turning the tablet into a replacement for the workhorse ordering and checkout systems used at high-transaction-volume grocery stores and restaurants. It targets both small business and larger chain business, and half of the 10,000 systems it’s sold so far are used by multiple location businesses like Smoothie King and Dairy Queen (fast food royalty really seems to like Revel’s technology).
The private equity investment includes an initial $65 million up front followed by a $25 million equity line. Revel co-founder Chris Ciabarra said the company plans to use the funds to move beyond U.S. borders into international markets and has already opened an office in Australia.
There’s still plenty of business to be had at home, though, as this time next year U.S. retailers will start shifting away from magnetic stripe transactions to more secure chip-and-PIN card payments. The precipitating mass overhaul of sales counter equipment will be an opportunity for Revel and competitors like First Data’s Clover, NCR’s Silver, ShopKeep, Poynt and an increasingly bigger-business-minded Square to push the tablet as a replacement for traditional point-of-sale gear.