The fast-food chain had bought Dynamic Yield, which specializes in personalization and decision logic technology, in 2019, in a bid to personalize its drive-thru experience.
It was a rare acquisition for the company and marked McDonald’s biggest deal in two decades. Sources familiar with the terms had told CNBC the transaction was valued at more than $300 million.
To date, Dynamic Yield’s technology has been deployed to McDonald’s drive-thrus and ordering kiosks in several markets globally.
The deal with Mastercard will allow Dynamic Yield to scale its technology to other third-party businesses, the companies said. McDonald’s added that it will continue to work with Mastercard and Dynamic Yield to keep scaling the tech at its locations.
The deal is expected to close in the first six months of next year.
McDonald’s shares were up less than 1% Tuesday morning, as Mastercard’s stock rose nearly 2%.
Read the full press release from Mastercard and McDonald’s here.
–CNBC’s Amelia Lucas contributed to this report.