Combined tech companies to serve 28,000 restaurants
Restaurant365, a restaurant management platform, has acquired Compeat, a Serent Capital portfolio company offering a back-office suite with built-in workforce and business intelligence software. The combined businesses will serve over 28,000 restaurants.
According to Irvine, Calif.-based Restaurant365, the companies’ clients see a 2% to 5% reduction in food and labor costs by administering their accounting, payroll, operations and purchasing in one unified platform. By saving time through the software solutions, restaurant operators can focus on the guest experience, they posit.
“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,” said Restaurant365 CEO Tony Smith, who will lead the combined companies.
After the acquisition, Compeat products and services will continue to be supported. Compeat acquired Ctuit in 2017 with the backing of Serent.
“A love for serving the restaurant industry is built into the DNA of our organization,” said Brendan Reidy, chief executive 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.”
William Blair served as financial advisor to Restaurant365, while Goodwin Procter LLP provided legal advice. Robert W. Baird & Co and Choate, Hall & Stewart and Polsinelli served as financial and legal advisors, respectively, to Serent Capital and Compeat.
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