IRVINE, Calif. and AUSTIN, Texas, June 10,
2021 /PRNewswire/ -- Restaurant365, the leading all-in-one
restaurant management platform, today announced the acquisition of
Compeat, well-known in the industry for pioneering feature-rich
restaurant back office, workforce and business intelligence
software. The combined business will be led by Tony Smith, CEO of Restaurant365, and will serve
over 28,000 restaurants. The acquisition extends Restaurant365's
leadership in the space and further enables its commitment to
helping restaurants thrive.
Restaurant365 is excited to now deliver an even broader set of
capabilities.
"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," said Smith. "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."
"A love for serving the restaurant industry is built into the
DNA of our organization," said Brendan
Reidy, CEO of Compeat. "In Restaurant365 we found a
similar-minded group, very complementary in solutions and in
approach. We're thrilled to unite with them to accomplish this
important mission."
Restaurant operators have long been underserved by generic
software solutions. Compeat and Restaurant365, from their
inceptions, share a common heritage of focusing all of their
attention and solutions to this industry only. Customers often see
a 2-5% reduction in food and labor costs by administering their
accounting, payroll, operations and purchasing in one unified
platform. Equally important, the time savings allows restaurant
operators to focus on providing their guests an exceptional dining
experience. Already the most comprehensive platform to simplify
day-to-day restaurant management, Restaurant365 is excited to now
deliver an even broader set of capabilities.
Upon closing, Restaurant365 will continue to support Compeat
products and customers.
"We have a lofty vision to transform how restaurants operate and
this combination significantly expands our market share and
resources," said Smith. "Compeat is full of incredible employees
that we can't wait to welcome to our team to grow this business
together."
William Blair and Goodwin Procter
LLP served as financial and legal advisors, respectively, to
Restaurant365. Robert W. Baird & Co and Choate, Hall &
Stewart and Polsinelli served as financial and legal advisors,
respectively, to Serent Capital and Compeat.
Restaurant operators can learn more about Restaurant365 by
scheduling a demo here.
About Restaurant365
Restaurant365 is the industry leading all-in-one, accounting,
inventory, scheduling, payroll and HR solution developed
specifically for restaurants. The R365 platform simplifies
day-to-day management for restaurant operators, allowing them to
control food costs and optimize labor costs. Integrations and open
APIs enable Restaurant365 to connect with other systems including
POS providers, vendors and banks. The result is accurate, timely
reporting that provides a clear and complete view of their
businesses. Restaurant365 allows operators to focus on what matters
— their guests. Backed by Bessemer Venture Partners, ICONIQ and
Tiger Global Management and now Serent Capital, as part of this
transaction. Restaurant365 is based in Irvine, California with an office in
Austin, Texas. Additional
information is available at Restaurant365.com.
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SOURCE Restaurant365