Restaurant management platform Restaurant365 has acquired Compeat, which is known for its restaurant back-office, workforce and business intelligence software, according to a press release. Terms of the deal were not disclosed.
The acquisition brings together two companies that focus solely on the restaurant industry, the release stated. Customers can see a reduction of around 2 percent to 5 percent of food and labor costs by using a unified platform for accounting, payroll, operations and purchasing.
Restaurant365 Co-Founder and CEO Tony Smith will lead the combined company, serving more than 28,000 restaurants.
“The last year has been full of challenges for the restaurant industry due to the COVID-19 pandemic, but restauranteurs are tenacious, and we’re in awe of their incredible creativity to adapt,” Smith said in the release. “We provide technology to support their ingenuity and see this as the perfect time for this bold move to expand our offering and help restaurants rethink and streamline their operations.”
Compeat CEO Brendan Reidy added in the release: “A love for serving the restaurant industry is built into the DNA of our organization.”
In 2019, then-CEO of Compeat Tony Hall told PYMNTS that restaurants have unique challenges with the high turnover and thin margins.
He said there is no time to train staff on software and said companies have “got to be able to slice and dice data in a way that enables restaurant operators to be profitable, and also do it in a way that, where people are turning over at a high rate can quickly ramp.”
He added that the process of going from paper to ACH and virtual payments did well to boost security and make payments faster. That’s an improvement over having a physical checkbook that could end up getting lost.
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