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Square acquires food-delivery service Caviar

Square announced Monday it acquired food-delivery service Caviar, which operates in seven cities in the U.S.

Terms of the deal were not disclosed in a press release announcing the deal.

Caviar works with resturants that do not already offer food-delivery services. Square's acqusition of the company adds to its offerings in the restaurant sector, particularly the food-ordering service Square Order. 

"Caviar's curated, seamless delivery experience is exactly the kind of service we want to provide buyers and sellers," Jack Dorsey, CEO of Square, said in a press release. "By making delivery such a fast, friendly, and easy process, Caviar gives time back to restaurants so they can focus on what they do best — cooking great food for their customers."

Since its San Francisco Bay Area launch in 2012, Caviar has expanded its service to Boston, Chicago, New York, Seattle, Los Angeles, and Washington D.C., according to the press release. The company's order volume has grown more than 500 percent year-over-year, and 80 percent of its monthly deliveries are to repeat customers, the announcement said.