Enjoy This Merger Announcement

Enjoy Technology Inc., which bills itself as “a technology-powered service platform reinventing ‘Commerce at Home,’” and SPAC Marquee Raine Acquisition Corp. (MRAC) today announced a merger agreement. 

Marquee Raine warrants trade under the ticker MRACW. The new, combined company will trade on Nasdaq as Enjoy Technology, Inc. with the ticker ENJY once the deal closes. 

Enjoy has commercial relationships with several of the world’s leading consumer brands, such as AT&T and Apple (in select cities) in the US. Enjoy employees, dubbed Experts, bring the products from those stores to consumers’ homes at at time selected by the customer when making a purchase.

It’s like a present-day equivalent of the traveling salesmen. Except Enjoy does more than just deliver the items. Their Experts work with the consumer as much or as little as needed to set up devices. There is no cost to the customer for this–Enjoy’s partners subsidize the delivery cost.  

It is the latter quality that Enjoy says distinguishes them from traditional e-commerce. No user manual required, no waiting for a package to show, no travelling to a store. Instead, the immersive experience comes to the customer. 

During the pandemic, Enjoy was able to pivot to provide the same at-home, personal experience. Customers could choose contact-free delivery, working with an Expert at an outdoor location, or working with the Expert virtually, with the Expert outside or in his or her vehicle. 

Enjoy is co-founded and led by former Apple executive Ron Johnson, who pioneered the Apple Store and Genius Bar concepts. It’s safe to assume he knows a little somethin’ somethin’ about commerce (we’ll turn a blind eye to his J.C. Penny, uhm, misstep). 

The company reports that it achieved a 100% compound annual revenue growth rate from 2018 to 2020. It expects to achieve more than $1 billion in annual revenue and a 30% adjusted EBITDA margin by 2025. This represents a 78% compound annual revenue growth rate from 2020 through 2025. Those profits, should they materialize, will be “Enjoyable”!