SAN FRANCISCO, California: Uber Technologies will buy U.S. catering platform ezCater for $2.3 billion in cash, expanding its fastest-growing business segment as it seeks to strengthen its position in food delivery.

The acquisition follows Uber's July agreement to buy German firm Delivery Hero for $14.8 billion; a transaction aimed at creating the largest food delivery group outside China.

Founded in 2007, ezCater allows companies to order food from caterers for corporate events, meetings and workplace meals. The platform generated more than $2.5 billion in gross bookings over the past 12 months, Uber said.

The deal would combine ezCater's catering business with Uber Eats' restaurant network and Uber for Business' corporate customer base, the company said.

Uber Eats has a wider global reach, but DoorDash holds the majority of the U.S. food delivery market, according to analysts, and the ezCater deal is expected to help Uber narrow that gap.

Uber said ezCater's average order value exceeds $400, and the deal is expected to boost margins.

The acquisition adds a new line of business built on high-value group orders paid for by companies, expanding Uber's business-focused segment, whose gross bookings grew more than 40 percent in the second quarter, Rosenblatt analyst Scott Devitt said.

"Importantly, bringing workplace buyers into the ecosystem supports the membership flywheel," Devitt said.

Uber shares have fallen 15 percent this year as investors weigh how well the ride-hailing and delivery company can compete once robotaxis begin to reshape the ride-hailing market.

Uber's delivery segment accounted for about 37 percent of total revenue in the second quarter and has been its biggest recent growth driver.

The deal is subject to regulatory approval and is expected to close in the coming months.