Square serves up Caviar in new partnership

The credit card processing company Square has acquired Caviar, a company that arranges delivery from restaurants that don't normally offer it.

Caviar was launched in the San Francisco area in 2012 and has since expanded to Boston, Chicago, New York, Seattle, Los Angeles and Washington DC, where users can get delivery from top-rated restaurants, Square said Monday.

Square, which is privately held, said its goal is to provide services to independent merchants that will help them expand their businesses.

Terms of the deal were not disclosed, but the New York Times earlier reported Square was in talks to pay about $90 million in stock. At that price, Caviar's investors aren't getting a huge windfall initially, but there is potential upside if stock is involved.

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