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.
"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.
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.