Olo jumps after Bloomberg says company exploring possible sale

Shares of Olo (OLO) are up 69c, or 11%, in early Thursday trading to $6.89 after Bloomberg published an article last night stating that the company is exploring a potential sale of its business. The restaurant software provider, which counts restaurateur Danny Meyer and The Raine Group among its backers, is working with a financial adviser to help it gauge interest from potential buyers, people familiar with the matter told Bloomberg’s Ryan Gould. The company could appeal to industry players such as rival Toast (TOST) as well as Oracle (ORCL), which in 2014 acquired restaurant and retail technology provider Micros Systems for $5.3B, the sources are reported to have said.