J and Friends Holdings (Nasdaq: JF) provides merchant digitalization and commerce-enablement software to SMEs, primarily in Australia. The business is operated through ZIITECH, an Australian company J and Friends consolidates under U.S. GAAP via board control rights. ZIITECH's core product is a cloud-native SaaS platform that helps restaurants, cafés, and retailers manage POS, inventory, ordering, payments, and back-office reporting across in-store and online channels. As of December 2025, ZIITECH served approximately 1,765 merchant locations. J and Friends makes money three ways: recurring SaaS subscription fees from F&B and retail merchants, one-off hardware sales of POS terminals and kiosks, and volume-based payment commissions. The F&B solution covers front-of-house and back-of-house workflows and serves roughly 1,378 locations; the retail solution serves roughly 387 locations. The payment solution, which processes cards, digital wallets, and local payment methods, is used by about 1,687 locations — including merchants from both verticals as well as standalone users. Revenue growth depends on adding new merchant locations, upselling the payment solution to existing merchants (current attach rates leave significant room), and geographic expansion into New Zealand, Singapore, Bangladesh, and the UK. J and Friends also pursues white-label partnerships and M&A as growth levers. The company divested its prior China-based financial services business — wealth management, insurance distribution, and installment loans — in November 2025, making ZIITECH the sole operating business.