Uber agrees to acquire Boston-based catering platform ezCater in an all-cash deal valued at $2.3B to expand Uber Eats into corporate food delivery (Natalie Lung/Bloomberg)

Uber is investing $2.3 billion to expand its food delivery business by acquiring catering firm ezCater. The deal, which is entirely cash-based, values ezCater at $2.3 billion. Described as a "leading U.S. platform for catering and workplace meals," ezCater connects businesses with large-scale meal providers. Founded in 2007, the company generated over $2.5 billion in gross bookings over the previous year, according to Uber.

The acquisition comes as part of Uber's strategy to provide restaurants with access to a larger customer base. Uber CEO Dara Khosrowshahi stated that the catering industry represents a significant revenue stream for restaurants and that Uber's platform can introduce this opportunity to millions more customers. The move is part of a series of acquisitions by Uber aimed at broadening its food delivery offerings, including the $15 billion purchase of Delivery Hero and investments in drone delivery startups like Zipline and Flytrex.