I would like to share a note from Tony Smith, CEO of Restaurant365, with all of you, our employees, customers and partners. Our love for serving the restaurant industry is built into the DNA of Compeat. In Restaurant365 we found a similar-minded group, very complementary with their solutions and in our approach. We’re thrilled to unite with Restaurant365 to accomplish this important mission.
– Brendan Reidy, CEO of Compeat.
Today, Restaurant365 announced the acquisition of Compeat, a well-known provider of restaurant back office, workforce, and business intelligence software. This is a big step for us, very exciting to me, and I wanted to tell you why we chose to do it.
We founded Restaurant365 in 2011 with the goal of providing restaurant operators a powerful tool to help simplify their lives and increase their profits. We saw the unique challenges facing the industry with notoriously tight margins and many moving parts. A decade earlier, in 2000, Compeat and Ctuit both launched products with similar goals, and later combined into one company. They too saw restaurant operators underserved by subpar, generic software solutions.
Adding their feature-rich products to our mix will expand our offering and advance us further on the journey toward that goal. This combination enables us to provide, in my opinion, the most robust restaurant management platform in the world, full of restaurant-specific back-of-house modules such as accounting, analytics, inventory, scheduling, payroll, and more. We can better deliver on our mission to help restaurants thrive at this time of rebuilding the industry we all love.
Two leaders uniting
Combined, we can now dedicate even more resources to the cause, and we will be uniquely positioned to:
- Serve more than 28,000 restaurants and growing (and learn from them as well)
- Be the only restaurant-specific solution with integrated accounting, inventory, payroll/HR, purchasing, and payments
- Provide the most comprehensive set of integrations to POS systems, F&B vendors, and banks, giving restaurant operators a truly connected technology experience
- Bring our future roadmap of additional advancements to market even faster
Hopefully this combination shows our strong desire to continue investing in our customers’ growth and success.
Now is a critical time
The last year has been full of challenges for the restaurant industry, but restauranteurs responded with tenacity and incredible creativity. We added product features to help with some of these challenges and watched in admiration as restaurants quickly rethought outdoor dining, takeout, delivery, online ordering, and ghost kitchens.
I’m so happy now to see the industry we love in a time of recovery and resurgence, and that makes this the perfect time for this combination of companies.
While quite a few have taken advantage of our solutions recently, many restaurants have not had time to upgrade and consolidate their back-office systems yet. This is a critical next step as restaurants emerge post-pandemic.
Restaurants that administer their accounting, payroll, operations and purchasing on one unified platform often see a 2-5% reduction in their food and labor costs. So, it will be especially key for those growing in the next couple years to minimize headaches from growing pains and maximize profitability.
As an example, Restaurant365 and Compeat customers were able to quickly reduce their food and beverage ordering and staffing based on revised daily forecasts. Here’s a story where one of our customers saved $1.1M during the pandemic. These savings are possible when your entire organization is connected through one system.
Finally, I want to welcome the customers, partners, and especially the employees of Compeat to the Restaurant365 family. Because a love for serving the restaurant industry is in the DNA of both our organizations, I know we will be better together as we continue transforming how restaurants operate.
Looking back on where we’ve come over the past decade, I’m so pleased to see the progress made, and so grateful to our hard-working employees and wonderfully supportive customers. Looking forward, I can’t wait to show you all what we’ll do next, we’re just getting started.
Read all of the details in the press release here.
To help us accomplish our goal, let us help you. If you’re interested in learning how these tools can boost your restaurants to new heights, we’d love to put together a personalized demo for you.
Tony Smith, CEO and Co-Founder, Restaurant365