Irvine, CA and Austin, TX (RestaurantNews.com) Restaurant365, the leading all-in-one restaurant management platform, today announced the acquisition of Compeat, well known in the sector for pioneering feature-rich restaurant back office, workforce and business intelligence program. The combined business will be directed by Tony Smith, CEO of Restaurant365, and will function over 28,000 restaurants. The purchase goes Restaurant365’s leadership at the space and further enables its commitment to assisting restaurants flourish.
“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, by their inceptions, share a common heritage of focusing all their attention and solutions to this industry only. Clients often see a 2-5% decrease in food and labor costs by administering their accounting, payroll, operations and buying in one unified platform. Equally significant, the time savings allows restaurant operators to focus on providing their guests a unique dining experience. Already the most comprehensive platform to simplify day-to-day restaurant direction, Restaurant365 is excited to now provide an even broader set of capacities.
Upon closure, Restaurant365 will continue to encourage Compeat products and clients.
“We have a lofty vision to transform how restaurants operate and this combination significantly expands our market share and resources,” explained 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 legal and financial advisors, respectively, to Restaurant365. Robert W. Baird & Co and Choate, Hall & Stewart and Polsinelli functioned as financial and legal advisors, respectively, to Serent Capital and Compeat.
Restaurant operators can find out more about Restaurant365 by scheduling a presentation here.
Restaurant365 is the industry top all-purpose, bookkeeping, inventory, scheduling, payroll and HR solution developed specifically for restaurants. The R365 platform simplifies daily management for restaurant operators, allowing them to control food costs and maximize labour costs. Integrations and open APIs enable Restaurant365 to connect