Shares in NZX-listed Plexure have soared this week on the news that McDonald's is spending $5.4 million on taking a 9.9 per cent stake in the mobile app vendor.
McDonald's said its investment in Plexure would provide it with enhanced access to Plexure's technology in the quick service restaurant space, including access to greater back-end and front-end features, customer functionality and customer targeting.
But investment research firm Shareclarity said the deal could limit Plexure's potential.
"The investment from McDonald's and a new software services agreement provides revenue certainty for PLX but limits upside given restrictions on providing similar services to competitors of McDonald's," Shareclarity said.
Plexure chief executive Craig Herbison says the funds from the placement of 13.8 million shares to McDonald's will be used to expand the company.
The shares were issued to McDonald's at 39.05 cents per share. Plexure shares last traded at 49.5c, up 18.5c or 60 per cent from Monday's close.
Plexure listed on the NZX in 2012 as Vmob via a backdoor listing that included issuing shares at 2.5 cents each. It changed its name to Plexure in 2016.
Herbison described the McDonald's deal as one of "limited exclusivity", explaining that there is a list of brands that Plexure will no longer work with.
"Understandably, they will be their direct competitors, like Yum Foods, Restaurant brands and Burger King," Herbison told the Herald.
"Outside of that, we still have full ability to sell our technology to other food brands, including those in the fast-casual space."