Compeat, the leading provider of integrated restaurant accounting, back office and workforce management software, announced today it is acquiring Ctuit, uniting two restaurant management software market leaders. The combination will create the largest provider of fully integrated accounting, back office and workforce software in the industry.
The acquisition unites best-in-class restaurant management software solutions to create an end-to-end product portfolio that includes Hire, Labor, Schedule, Payroll, Accounting, Inventory, Logbook, Event Management, Intelligence, Manager and Employee Mobile Apps and third party integrations including over 70 point of sale partners.
“Compeat and Ctuit have highly complementary businesses. The combined company will allow us to offer more comprehensive and innovative technology solutions to the restaurant industry, providing our combined customer bases more products and mobile apps with more in depth features,” said Jeffrey Stone, CEO of Compeat. “The combination of these two great companies will provide our customers with more choices and an obvious accounting, back office and workforce market leader. Our customers and employees are going to be the true benefactors of this combination.”
“I’ve entertained many conversations over the years and none felt right until now,” said Rob D’Ambrosia, Founder and CEO of Ctuit. “The combination of these three powerful organizations- Compeat, Ctuit and Serent Capital – coming together is incredible and the cultural fit is extremely strong. I have the utmost confidence in the leadership team and am thrilled to take a seat at the Board to be a part of this new organization. We all share a passion for serving the restaurant industry and a culture of excellence, innovation and integrity with a customer-centric mindset.”
There are significant benefits to both sets of customers. By combining, we will be able to solve our customer’s pain points faster by providing our customers access to more products with deeper features and by strengthening our support, account management and implementation teams. In addition, our customers can be even more confident in partnering with a market leader with a combined 34 years of industry best practices and one who will be investing more in research and development than ever before.
Specifically, Compeat customers will gain access to additional inventory features, an employee scheduling mobile app, a manager operations mobile app, an event management module and hundreds of additional customer centric intelligence reports. Ctuit customers will gain access to an integrated accounting product, an onboarding and applicant tracking product in Hire, as well as Payroll products and a true ad hoc analytics intelligence platform. It is truly a “win-win” for both customer bases.
All current products, customer contacts and support will remain the same for customers. Once integration is complete, customers will have more choices for add-ons and upgrades within the combined product portfolio.
The leadership team for the combined company includes:
- Jeffrey Stone, CEO of the combined company.
- Rob D’Ambrosia, Founder and CEO of Ctuit, who will take a Board seat and actively participate in guiding the new company.
- Bill Sheely, Co-Founder and President, who has been with Ctuit for over 17 years and has driven industry partnerships, technical systems and sales and marketing initiatives.
- Will Archer, CTO, who has been with Compeat for over a year and brings over 30 years of experience orchestrating large teams toward successful outcomes in business platforms for SaaS based solutions. In a short period, Archer has led the modernization of the Compeat tech stack and legacy products.
- Kerry Carney, CFO, who has been with Compeat for over a year and brings over 30 years of executive financial experience with an extensive background with private equity and publicly owned companies, including experience with SaaS and retail business models.
- Kristi Turner, CMO, who brings over 28 years of SaaS, hospitality and marketing experience and who previously served as CEO of Kaizen Consulting, a SaaS marketing consulting firm and as SVP of Marketing for HotSchedules, formerly Red Book Connect.
- Paul Dodd, SVP of Sales, who brings over 25 years of SaaS experience and who previously served as Head of Sales for the GA360 measurement Suite at Google and as VP of World Wide Sales at Adometry.
- Pat Darling, VP of Operations, who has over 30 years of technology and hospitality experience and has been with Ctuit for over 11 years managing operations, customer service and product management.
“We are thrilled to invest in Ctuit and welcome Rob to the Board,” said Kevin Frick, Chairman of Compeat and a Partner in Serent Capital. “We have a strong Board of Directors to support the leadership team in maintaining the high level of customer service both companies have historically provided and taking advantage of our strengthened competitive position for the exciting years of growth ahead.”
Ctuit was represented by Viant Capital LLC of San Francisco. Subject to traditional closing conditions, the transaction is expected to close this month. A brand decision for the combined company will be made over the next several months. Both the Compeat and the Ctuit brand will remain active in the marketplace through the end of 2017.
Founded in 2000, Compeat offers innovative cloud-based restaurant management software that leverages technology to increase control, reduce costs, enhance insight and improve efficiency for restaurant operators. Compeat is the only fully integrated Accounting, Back Office and Workforce Solution specifically for the restaurant industry. Products include Compeat Accounting, Inventory, Hire, Labor, Schedule, Payroll, Logbook and Intelligence, all designed in house. For more information, visit www.compeat.com.
Ctuit Software offers comprehensive restaurant management solutions to help restaurants reduce food costs and optimize employee labor schedules while streamlining operations. Since launching in 2000, Ctuit continues to solve the restaurant industry’s most difficult challenges. The entire Ctuit support team is comprised of seasoned industry veterans providing knowledgeable customer service to help restaurants run seamlessly. This all-in-one software equips restaurateurs with powerful business intelligence and meaningful data to deliver success that you can see and taste. For more information on improving your restaurant’s efficiency and profitability, please visit www.ctuit.com.
About Serent Capital:
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive.